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Take over payments..... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Wed, 21 Apr 2004 15:07:38
In Reply to: Buying a car that is being financed...., turborob, Tue, 20 Apr 2004 16:05:05 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Are you going to put the loan and registration in your name or just make the payments and drive the car? If your brother will let you do that, and leave the car in his name, that would be great for you. You won't establish any credit or further your credit rating that way, but it may be the simplest way to do it.
I would recommend to your brother that he not let anyone, even his own brother, take over something that's still in his name, if that's an option. You should get your own loan, pay off his loan, and register and insure the car in your name. That way, despite your good intentions, there can never be any credit or liability issues to come back and haunt your brother. If you can't do that let it be a signal that maybe you're not ready to take on a long term obligation like that.
If your brother needs to cosign for you to obtain a loan so that the vehicle becomes jointly owned and financed, that's still one step better as any credit or liability issues will at least be shared instead of strictly your brother's issue if you just "took over" his car.
posted by 63.197.222...
, Wed, 21 Apr 2004 15:07:38 <-- Viewing This Message
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