Taking over car payments in Pennsylvania

Get Legal Help Today

 Secured with SHA-256 Encryption

Taking over car payments in Pennsylvania

Is it legal for someone to “take over car payments” in the Commonwealth of Pennsylvania and if it is, what type of legal document should be written?

Asked on June 26, 2009 under Business Law, Pennsylvania

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Of course you have the option to form a deal which is essentially one person taking payments over for another person. In a case such as this one you would need a contract between the two parties which specifies who is taking over what for fair value there was consideration and both parties agree to the terms set forth in the contract. Once that is in place the two parties have a legal obligation to each other

This does not however relinquish the original persons obligation to the original creditor. I am not admitted in PA so I would suggest checking with a local attorney as to the specifics but oftentimes there will be language in the original loan agreement as to how if at all you can do this. If it specifies you can than follow the instructions as to how and the new debtor will take over and the original will be free and clear. Otherwise the contract is valid between the two parties but the original creditor still will hold the original debtor responsible. So please check your loan documents than speak with a local attorney as to how to change the note if you can at all. If you need further clarification feel free to post again and good luck


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption