I have a 1999 Chrysler T &C van that I can no longer afford payments. I want to return it to the finance company that have a lien on it--but a person wants to assume the payments for me until it is paid in full and I give her the title. The problem is the finance company and the dealership have a lien on it--can I just let her assume payments and use the vehicle for her janitorial business as long as she keeps full-coverage insurance on it and make the payments or do I just return it to the finance company?
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- Thread Starter msvee068
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army judge
Super Moderator
What if she stops paying, or refuses to pay?
You know the answer.
You can loan her the vehicle.
Get 2-3 payments in advance.
Make sure she gets insurance and keeps insurance in her name.
If she keeps paying you, you stay on top of this.
If not, you can just take the vehicle back.
Or, sell her the vehicle for what you owe on the note.
Whatever you do, don't let her just take the vehicle with a promise to pay.
Even an IOU, won't help you.
You know the answer.
You can loan her the vehicle.
Get 2-3 payments in advance.
Make sure she gets insurance and keeps insurance in her name.
If she keeps paying you, you stay on top of this.
If not, you can just take the vehicle back.
Or, sell her the vehicle for what you owe on the note.
Whatever you do, don't let her just take the vehicle with a promise to pay.
Even an IOU, won't help you.
army judge
Super Moderator
Yes, if you return it to the finance company owing $2,000, you'll still owe the $2,000.
But, it gets worse.
If they sell the car for $500, that will be applied to the balance.
But, the balance won't be just $1,500, they'll add fees, interests, and other crap.
You'll usually end up owing more, way more!
Then they'll show a "repo" on your credit report, even though you surrendered the car.
This is another way they screw you.
You might want to investigate BANKRUPTCY.
Talk to a bankruptcy lawyer or two.
That isn't what people want to do, but the system forces them to do it.
Bankruptcy wipes everything clean and you have a fresh start!!!
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