sale of vehicle
1st person is selling truck to 2nd person and 1st person still owes on truck as part of a consolidation loan. The 2nd person is making monthly payments and is constantly late. What kind of contract can be written to cover this deal made between two people.?And is this legal to do?
Asked on 4/18/08, 11:55 am
1 Answer from Attorneys
Brandon Manus
Manus Law Office
Re: sale of vehicle
A sales contract between the parties. 2nd person should get financing to pay off 1st person's debt on the truck; otherwise 1st person is liable for 2nd person's late / non-payment. If the truck is repossessed, it will affect 1st person, not 2nd person.
Answered on 4/18/08, 1:38 pm
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