How can i protect my self?
By shelian2000 •
some one wants to take my car and he will complete the monthly instalment but personal between me and him that is because the banks refused to transfer the loans because of hight restrictions now in banks,any way i mean, the car will be under my name in bank and in traffic but we will make a lease contract between me and him to protect my self if he makes any accident ....so do think it's legal and that soultion will protect me if he maks any accident ? thank's for your help
i think yeah jadoo is right
Hai...
Dont ever take a risk like this,you wont get peace of mind...
tell your friend to try some other bank to get loan...
Doesn't work. You'll be responsible for the monthly loan payments, and any traffic fines (in case he doesn't pay).
OK, I'm not a banker or Lawyer, but applying logic and common sense ...
All traffic fines will still be in your name and if your friend doesn't pay, you get stuck here!
If there's an accident and he's not insured you've lost again.
If there's an accident and he runs away the police will come looking for you and you've lost again.
If he misses a payment and you can't pay the bank because of it, the bank will put you down as a bad debtor, block your travel till you pay up and you've lost again.
If he misses a payment and you come crying here cos you can't get your money ... you've lost again.
He/She wins big time, you lose out which ever way you look at it. Better to find someone who CAN take on the loan or sell the car outright for cash and pay off the balance to the bank, otherwise you might lose that friendship.
the safe & simple thing is that go to court(rayyan street) explain the matter to one of the clerk & make a legal document which is signed & sealed , just free of cost.
From the bank's point of view - you own the car. You are responsible for making payments and if the payments are not made - they will file a case against you, it doesn't matter what agreement you have with this third party.
As for the contract between you and the third party - is it enforceable? I don't know, but you should consult with a lawyer. In any event, if he skips town or stops making payments - you are liable to the bank no matter the outcome of any dispute you have with the third party.