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Backing Out of an Agreement to Take Over Car Payments

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  • 05-02-2016, 11:25 AM
    twinkleofmyeye
    Backing Out of an Agreement to Take Over Car Payments
    My question involves a consumer law issue in the State of: NM

    I would like some advise, opinions etc. My husband took over a vehicle from a family memeber years before we were together. My husband was under the impression the loan was verbal (doesn't recall signing any document). The loan term was for XX dollars a month for 4 years. Come to find out over the course of the last few years that the loan is for 9 years !! The loan has been moved numerous times to help lower interest rates to help pay off faster. The loan is still being held for the full nine years but according to the documents produced the loan payment is still the same.

    This whole situation seems off to me. The signed agreement produced after going back and forth arguing. States that the after the loan is paid off the property is to be returned to original owner!!!!!!!

    My husband is no where on the title or loan.
    The family member refused to produce documents when requested.
    The family member now claims he was late numerous times. I can tell you that since I have been in the picture he has not gone back past the 10 day grace period ever and always gave money early.

    We have started delivering the payments by hand. Come to find out that the monthly payment for the vehicle is less than what my husband was told. Since making our payments directly with the bank. The teller stated we were paid ahead almost two months!!!

    I do not know what to think or do:confused:
  • 05-02-2016, 01:25 PM
    adjusterjack
    Re: Took Over Vehicle Payments
    Your husband was foolish to get into this deal in the first place.

    All he's been doing is renting the car all this time.

    I suggest he return the car ASAP and not throw any more money down the toilet.

    This "family member" is out to screw him and, in fact, already has.
  • 05-02-2016, 02:24 PM
    twinkleofmyeye
    Re: Took Over Vehicle Payments
    We have thought about giving back the keys. Two things that are holding us back.

    1. This contract that my husband doesn't recall ever signing is not notarized but the family member did state he would seek legal action if we gave back the vehicle. We would like to avoid court, but IF we did turn the car back over maybe its going to happen anyway.
    2. My husband has literally spent around $15-18K to date and has 2 year left. He of course was trying to help this family member out and realizes now that he should not have done what he did. My husband feels if he gives back the car now he will be out a car and the money already put into the car.
  • 05-12-2016, 02:40 PM
    twinkleofmyeye
    Re: Took Over Vehicle Payments
    so I have an update on the above topic. The family member is now claiming that they can do whatever they want to the loan and is demanding we make this months payment per the signed agreement. Even though the loan is paid until next month. My husband hold the family to get the vehicle. We have contacted an attorney.:nevreness:
  • 05-12-2016, 02:46 PM
    adjusterjack
    Re: Took Over Vehicle Payments
    Quote:

    Quoting twinkleofmyeye
    View Post
    We have contacted an attorney.:nevreness:

    Good.

    Rely on your attorney's advice.
  • 05-19-2016, 12:36 PM
    twinkleofmyeye
    Re: Took Over Vehicle Payments
    So we met with an attorney who basically told my husband he was a fool for continuing to pay on the vehicle and to return the vehicle right away. He believes that no attorney will take on this case if the family member decides to try to seek legal action.
  • 05-19-2016, 12:43 PM
    Dogmatique
    Re: Took Over Vehicle Payments
    Quote:

    Quoting twinkleofmyeye
    View Post
    So we met with an attorney who basically told my husband he was a fool for continuing to pay on the vehicle and to return the vehicle right away. He believes that no attorney will take on this case if the family member decides to try to seek legal action.

    He may be forgetting that one does not need an attorney to successfully litigate this sort of thing ...
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