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Bankrupt... I have no other way to finance the car

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  • Bankrupt... I have no other way to finance the car

    I have been bankrupt due to illness and family issues. I asked a friend to sign for a car loan as my car was done and I need a car to work(my job requires it). He was agreeable and now 6 months later, wants his name off the loan. He threatens legal action. I make my payments weekly without fail and have never missed a payment or asked for any help with the payments. My name is on none of the documents--loan papers or bill of sale for the car. His name and signature are on all. I have no other way to finance the car. Can he take legal action?

  • #2
    re: Bankrupt... I have no other way to finance the car

    I wish to inform you that your friend cannot take his name of the loan in this manner. As you have not defaulted bank loan payments or other duties under agreement thus you cannot be held liable to put off name of your friend. You can inform your friend that as per contract he cannot write off his name from car because whole transaction was based upon his assurances and any such act will result in breach of agreement. If your friend goes to court then you can have the charges dismissed based upon fact that you have not violated any terms of agreement.

    AFF

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    • #3
      re: Bankrupt... I have no other way to finance the car

      Originally posted by mattam4k View Post
      I have been bankrupt due to illness and family issues. I asked a friend to sign for a car loan as my car was done and I need a car to work(my job requires it). He was agreeable and now 6 months later, wants his name off the loan. He threatens legal action. I make my payments weekly without fail and have never missed a payment or asked for any help with the payments. My name is on none of the documents--loan papers or bill of sale for the car. His name and signature are on all. I have no other way to finance the car. Can he take legal action?
      He can sell the car if he wishes since his name is on the registration and title.

      No one can force a lender to substitute your name for his on the loan, for that is a decision solely at the option of the lender. And you indicate your credit is zilch.

      There are some high binding lenders who will lend for cars, especially after a fresh bankruptcy since the person cannot go bankrupt again for a long, long time. You might inquire around for a new loan to pay off the current lender and make your payments now directly to the lender, in your own name. The lenders are out there.

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      • #4
        re: Bankrupt... I have no other way to finance the car

        If the car is titled in his name, he could potentially sell the car to absolve the loan.
        Due to a recent promotion, I should now be referred to as Major Obvious.

        I would not be trying to provide information and knowledge if I did not sympathize.

        Some days it is just not worth chewing through the restraints to face life.

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