Legal Question in Business Law in Texas
Hi,
Not sure if you guys handle this type but wasnt sure what area of practice this question really covered. My wife and I have a friend who is wanting to get rid of there car and wanting us to take over payments on it. We have agreed on the payment amount, and selling price. Just need to know what can of agreement should we use to do this legal and so we will be able to get insurance on the vehicle. Any information you can give would be greatly appreciated. Thanks!
1 Answer from Attorneys
You should contact the lender who financed the car for your friend. The lender should have a transfer of debt form and will probably agree to do so, as long as you and your wife have good enough credit to do so.
You may wish to have a local attorney review any documents provided by the lender.
Good Luck!
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