What is the name of your state (only U.S. law)? CA
Hello,
I have an uncle (lets name him Mr. T) whose name is being used by his friend to get an auto loan and his friend is a co-borrower in this auto loan. The car is used by his friend (Mr. D) and his friend is the one making the payments. However, lately, his payments has always been late and my uncle has to fork up the monthly payment to avoid ruining his credit score. He has been trying nicely to ask his friend, Mr D to make sure that he pays his car payment on time so that it will not ding his credit. However, Mr D has been playing hide and seek and so my uncle, Mr T is trying to find what is the best way to solve this problem so that Mr T will cooperate.
His option is to either have him sign some kind of a letter promising that he will ensure on time payments or if not, he will have to give up his car or something but not really sure if that is the best way as Mr T will then have to payoff the car if that is the case. Second option, is to get the car back from Mr D and sell it but then he will still have to fork up the difference most likely.
BTW, this is a 6 year car loan and 2 years have lapsed with 10% interest. In terms of legal perspective, what is the best recourse that Mr T should take?
Thank you in advance for the attention and advice.
Hello,
I have an uncle (lets name him Mr. T) whose name is being used by his friend to get an auto loan and his friend is a co-borrower in this auto loan. The car is used by his friend (Mr. D) and his friend is the one making the payments. However, lately, his payments has always been late and my uncle has to fork up the monthly payment to avoid ruining his credit score. He has been trying nicely to ask his friend, Mr D to make sure that he pays his car payment on time so that it will not ding his credit. However, Mr D has been playing hide and seek and so my uncle, Mr T is trying to find what is the best way to solve this problem so that Mr T will cooperate.
His option is to either have him sign some kind of a letter promising that he will ensure on time payments or if not, he will have to give up his car or something but not really sure if that is the best way as Mr T will then have to payoff the car if that is the case. Second option, is to get the car back from Mr D and sell it but then he will still have to fork up the difference most likely.
BTW, this is a 6 year car loan and 2 years have lapsed with 10% interest. In terms of legal perspective, what is the best recourse that Mr T should take?
Thank you in advance for the attention and advice.
