Legal Question in Business Law in Georgia

Taking over the payments on a vehicle that was given to me.

I have a friend who is not able to make the payments on his vehicle. He is four months behind on the payments as of current. My question is this, he has offered to sign over the vehicle to me and have me take over payments.

what are the necessary steps to make this legally binding? I am not paying him personally for the vehicle, only catching up the payments immediately, assuming all future payments with the intent of refinancing in my name. Any information that I can get concerning this topic would be of great appreciation. W.J.Taylor


Asked on 12/15/03, 1:05 am

1 Answer from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Taking over the payments on a vehicle that was given to me.

The simple answer is for the friend to just sign the title over to you. You will then take title to the vehicle, subject to the outstanding debt. Since you are going to refinance anyway, you should go ahead and meet with your banker or whatever lender you are going to use. They will have all the necessary forms. Be very careful; with the payments being 4 months in arrears, there is the very real possibility of the vehicle being repossessed while you are trying to get your ducks in a row.

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Answered on 12/15/03, 10:27 am


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