I have a car with a lienholder and insurance in my name.
by Guest » Thu Mar 04, 2010 03:07 pm
Currently unemployed so looking for a win win with a relative who needs a vehicle but would't qualify for a car loan due to divorce, etc. It's an effective lease.
Total Comments: 1
Posted: Fri Mar 05, 2010 12:34 am Post Subject:
Yeah, I'd be realllllllly careful, I'd make the payments for the car AND the insurance, and have the relative pay me...I'd draw up a document (for his/her protection not yours so much), that says when it's paid off you will sign over the title assuming they have made the payments...Be sure you add this person as a driver on your policy...
Warning, failure to ensure that the payments are made (by you making them every month and the relative paying you each and every month)...could be disasterous for you and only you...If they don't make the payments your credit is wrecked, if they don't pay the insurance have an accident again you're wrecked they have lost 'nothing'...
Posted: Fri Mar 05, 2010 12:34 am Post Subject:
Yeah, I'd be realllllllly careful, I'd make the payments for the car AND the insurance, and have the relative pay me...I'd draw up a document (for his/her protection not yours so much), that says when it's paid off you will sign over the title assuming they have made the payments...Be sure you add this person as a driver on your policy...
Warning, failure to ensure that the payments are made (by you making them every month and the relative paying you each and every month)...could be disasterous for you and only you...If they don't make the payments your credit is wrecked, if they don't pay the insurance have an accident again you're wrecked they have lost 'nothing'...
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