Car Loan Taken Over

[tbrown301]

Silver Spring, MD
I took over the loan for a friend of mine 12/2011. We have a written doc that states that I pay the loan each month by the 6th, keep up maintenance, and maintain insurance. Once the loan has been paid, she'll transfer the title to me. All of this is stated in our 1 page agreement that was signed. She's now trying to add additional terms to our agreement 1) bring the car from NC to DC regularly so that she can physically see the car. 2) send pictures regularly of the car 3) she has to approve any changes and maintenance to the car and 4) I need to send her copies of any work that is done on the car. She states that these changes are because I have been late. I have always paid the note during the month that it was due. My question is can she make these demands and if I refuse, can she take the car?

 

[Zigner]

Keep in mind that she never had the legal right to "sell" you the car in the first place.

 

[sandyclaus]

Silver Spring, MD
I took over the loan for a friend of mine 12/2011. We have a written doc that states that I pay the loan each month by the 6th, keep up maintenance, and maintain insurance. Once the loan has been paid, she'll transfer the title to me. All of this is stated in our 1 page agreement that was signed. She's now trying to add additional terms to our agreement 1) bring the car from NC to DC regularly so that she can physically see the car. 2) send pictures regularly of the car 3) she has to approve any changes and maintenance to the car and 4) I need to send her copies of any work that is done on the car. She states that these changes are because I have been late. I have always paid the note during the month that it was due. My question is can she make these demands and if I refuse, can she take the car?

So, basically, your friend is "allowing" you to use the car and pay her loan for her (which reflects on HER credit, not yours, BTW). How nice of you!

Since SHE still owns the car, she can absolutely repossess the vehicle if she chooses to do so. If/when she does, you'll find that any money you paid her on the unenforceable agreement you entered into WON'T be refundable, either. It can be chalked up to "rental fees" for use of the car.

 

[tbrown301]

Thanks Zigner and SandyClaus......pretty much i'll never be doing this again. Well, i'll give her 2 options: Come pick up the car or stick to the original agreement. Whichever one will work for me. I'm in a position now to get a loan without the ridiculous interest rate that I would have had back in 2011.

 

[sandyclaus]

Thanks Zigner and SandyClaus......pretty much i'll never be doing this again. Well, i'll give her 2 options: Come pick up the car or stick to the original agreement. Whichever one will work for me. I'm in a position now to get a loan without the ridiculous interest rate that I would have had back in 2011.

Sounds like a plan.