Legal Question in Credit and Debt Law in Texas

taking over payments

I have a friend who asked if i wanted to take over a car note she has she only owes 24 pymts an she said she will pay half of it so it want go against her credit if i pay the remainder i can have the car when its paid off because she already has another car in her name an im trying to buy a home an i dont want to transfer the car in may name at all until the end so what kind of form do we need to feel out?


Asked on 8/30/07, 9:06 pm

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: taking over payments

This is not a good idea. You have no protection. You could make all the payments and then your friend could change her mind and you have no recourse except to sue her. The car is owned by your friend with a lien by the finance company. No matter what kind of agreement you sign with your friend, you will not be adequately protected. These kinds of deals always go bad. Read through the archives here - there are many stories where people have done what you are contemplating, the relationship goes south and you can't get the car.

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Answered on 8/30/07, 10:27 pm


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