Legal Question in Real Estate Law in California
I have a friend who wants me to assume payments of his daughters automobile. The auto is financed with his name and hers. Can this be done. Also there is more owed than the Blue Book value.
Thanks for any help you can offer
Asked on 9/13/09, 4:17 pm
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Answering this would require looking at the terms of the particular financing instrument, and maybe the sale agreement itself. However, I'd say in most cases there isn't going to be any easy way to do this aside from paying off the current financing and getting an entirely new loan, and even this is not easy-as-pie. The rule of thumb is that while you can make the payments, your agreement to make the payments does not replace or remove the father and daughter from liability. By the way, why would you want to do this?
Answered on 9/13/09, 4:35 pm