Legal Question in Banking Law in New Jersey

My grandmother offered to purchase a used vechicle under her credit for me. I have been making the payments from my checking account directly to the bank each month. It is a 5 year loan and I have been paying for 18 months. My grandmother recently became very ill and there is a chance she will not make it out of the hospital. I don't think my credit will allow me to be approved to take over the car loan in my name but I am afraid if I wait until she passes away they might come take the car from me. Any recommendations to allow me to continue to making the payments? She might still be consious enough to be able to sign for a co-sign or POA if you think that would be the best route.


Asked on 7/20/11, 9:12 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Depending on who has physical possession of the title, it may be possible for your grandmother to sell the car to you subject to the lien of the lender. Provided that the loan remains current, the lender should not object. Of course, the original loan documents should be looked at by a lawyer since they may prohibit such a transaction. You may want to consult with someone in your area and get a document review.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 7/20/11, 10:02 am


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