What is the name of your state (only U.S. law)? South Carolina
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I'm just curious of the legalities here. My step-dad can no longer afford his vehicle, and my step-brother wants to pay the payments instead. However, the finance company does not do loan transfers or any of that. So they were just going to make a contract between themselves, that my step-brother would pay the payment each month, keep insurance on it, etc. Is this even legal?
I'm curious because I just don't see how it would work. If my step-brother decided he didn't want to pay it, how would my step-dad fight their contract, when the finance company is going to be look for my step-dad, not my step-brother in cases of non-payment. Once paid off, the title goes to my step-dad, not my step-brother... such as that. So it just seems to me, that it's a bad idea... or maybe I'm just over-thinking this.
Hopefully this makes sense...
In any case, any advice on this matter would be much appreciated.
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I'm just curious of the legalities here. My step-dad can no longer afford his vehicle, and my step-brother wants to pay the payments instead. However, the finance company does not do loan transfers or any of that. So they were just going to make a contract between themselves, that my step-brother would pay the payment each month, keep insurance on it, etc. Is this even legal?
I'm curious because I just don't see how it would work. If my step-brother decided he didn't want to pay it, how would my step-dad fight their contract, when the finance company is going to be look for my step-dad, not my step-brother in cases of non-payment. Once paid off, the title goes to my step-dad, not my step-brother... such as that. So it just seems to me, that it's a bad idea... or maybe I'm just over-thinking this.
Hopefully this makes sense...
In any case, any advice on this matter would be much appreciated.
