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Car Contract
I have a contract on a car with my ex-fiance. He has decided that he is now not going to honor the contract. The contract in short says that if I make the payments on the 2004 Hyundia Sonota that upon the last payment I will receive the title. Now he is sending emails demanding that I get my own loan for the car which is not something I think I can do. I have been making payments on old accts gone bad and have paid off 3 accounts thus far. Any suggestions on how I can resolve this matter.
Thank you, Christiner |
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He signed obligating himself and you did the same. If one does not pay the notes, then the other will be asked to pay. If he wants to be taken off the note, then you should visit or call the lender, ask for a new note in your name only thus removing him from any obligation. Your credit would have to qualify and I assume you have posssession of the vehicle and are not "upside down" on the loan and by that I mean the veh is worth a least as much as the payoff, not less than the payoff. So if you can make the payments, qualify and negotiate a new loan and don't mind being fully responsible and also want his name off the note, why not try. He wants off because if you default, he will be obligated.
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The problem is my credit will make getting a loan unlikely. I have a contract that he created that includes wording to the effect that as long as I pay the car is mine at the end of the loan period. This contract is also notarized and makes no mention of he can decide at any time to break the contract. Your thoughts.. Thank you.
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His creating a contract between you and him without the lender being involved will have no effect on his obligation to pay the lender if you fail to pay. I think he just wants a way to take the veh from you if you fail to pay. I would not sign his contract. He just has to hope you pay.
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