that totaled her car that was paid for. As it was only worth $2,000… that is all she got from the other parties ins. company (it was their fault entirely). She is now stuck w/ no car and unable to get a loan even w/ a co-signer. I want to take out a loan for a car for her. How can I make this work as far as the fact that she will be driving it (insurance, etc.) Can she insure it?
**there is NO issue w/ me trusting her. She has an excellent, secure job at a hospital and can transfer payments directly from her paycheck to my account monthly.** I just want to know about how this can work w/ her being the primary driver. THANKS!
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{ 3 comments… read them below or add one }
Watch any of the judge shows on TV. Judge Judy, People’s Court, etc. They are full of this kind of case.
Even if she always paid on time, every time; it would affect your credit for the time she has the loan out. You will be limited in how much credit you can get for yourself.
Better to think of another way to help her without affecting yourself.
If you do elect to help her this way, get it in writing, no matter how much you trust her. As Sam Goldwyn said, “Oral agreements aren’t worth the paper they’re written on!” You might be able to get “boilerplate” loan papers at a shop like Office Max or Staples and customize them. But I’d agree with the others–it’s not a good idea.
Go to the DMV or AAA Auto Club with her and the title of the car you bought for her.
Put the title in her name, and you be listed as the lien holder. The lienholder keeps the title until the car is paid for. You are the legal owner, she is the registered owner. Her registration will show her name and yours.
Have the loan details in writing. ie: late payments, interest, extending the time if she needs….etc have it all spelled out ahead of time. This makes a good friendship last.
She can’t sell the car without the title. She can get it insured just as if she got a loan through a bank. You should insist on full coverage, not just liability. You want to recoup your money if the car is totaled. All lenders and leasers insist on full comp and collision coverage, so their “investment” is insured.