Is it legal to take over payments when buying a car from a private party

[sassymeadows]

What is the name of your state (only U.S. law)? California

I am buying a car from my son, he can't afford it anymore and I am going to take over his payments. We will write up a contract stating that when his contract with the car company is paid in full he will sign the pink slip over to me. I was just curious if this is legal? Meaning once the car is paid in full and they send him the pink slip, what recourse would I have if he decides not to sign it over to me.

I am not concerned this will actually happen but if you were doing this with a private unrelated party and you couldn't get your own financing, what would happen if they reniged?

 

[HomeGuru]

What is the name of your state (only U.S. law)? California

I am buying a car from my son, he can't afford it anymore and I am going to take over his payments. We will write up a contract stating that when his contract with the car company is paid in full he will sign the pink slip over to me. I was just curious if this is legal? Meaning once the car is paid in full and they send him the pink slip, what recourse would I have if he decides not to sign it over to me.

I am not concerned this will actually happen but if you were doing this with a private unrelated party and you couldn't get your own financing, what would happen if they reniged?

**A: pay cash or finance it so the title is in your name.

 

[CraigFL]

Technically, he probably can't sell the car until it's paid off(per the financing agreement and the fact that there would be a lien on the title). You might be able to come up with an "option to buy" agreement when it's his with the money you would be paying him monthly to pay for his loan...

 

[Zigner]

Your son cannot allow anybody else to establish a security interest in the vehicle.

 

[HomeGuru]

Your son cannot allow anybody else to establish a security interest in the vehicle.

**A: even if the vehicle is a 1972 Pinto?

 

[Antigone*]

**A: even if the vehicle is a 1972 Pinto?

...lol...HomeGuru...are you bagging on 1972 Pintos? I had a 1972 Pinto...it rocked