If my grandpa put a vehicle loan in his name but I make the payments yet the bank is now telling us this is illegal, why and how would this be illegal?

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If my grandpa put a vehicle loan in his name but I make the payments yet the bank is now telling us this is illegal, why and how would this be illegal?

Asked on January 16, 2013 under Bankruptcy Law, Utah

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Because it can be seen as an attempt to defraud the bank as to the true owner and driver of the vehicle.  If the bank would not have loaned the money to you based upon your credit, assets, or what ever the criteria and you knew that so you had your Grandfather apply for the loan then it is fraud.  If, however, you are paying his loan benevolently then that is a different story.  But whose car is it?  Good luck.


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