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Are you responsible for car payments if the loan is in your parent's name?

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βˆ™ 2006-08-10 03:05:04

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Did your parents get loan and the car for you with the intention of you paying the payments? Then yes, you are responsible. Use this opportunity to help get some credit in your name. Pay the payments by checks on time, and when you need some credit you can show the cancelled checks or your bank statements with the same payment amount being taken out of the account monthly. A lender will take that in consideration. No. You're not responsible for the payments. If you don't pay, then you are a car thief. They can report the car stolen, and you go to jail, and they get their car back.

2006-08-10 03:05:04
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