She wants the money put into her account and she will continue to pay the finance company, the car will go in my name. But is this legal?
Update:
Huntsman. That was not the question, if you don’t know don’t answer. Thanks.
Update 2:
For the benefit who seem to think they know me and my friend. She is not a user and I trust her and her family implicitly. I just want to know the legal implications not uninformed opinions.
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Legally until she pays off the Finance Company she doesn’t own the car. You aren’t breaking the law yourself but I would think she is breaking her contract with the Finance Company, and they can go after her for repayment. If she doesn’t repay them on time and in full they can, and will, repossess the car, and you will be out of pocket.
She will NOT continue to pay the finance company
She is tricking you, using you, thinking you are a fool
You can go to a bank and buy the car from her.
The person at the bank will transfer the title and do this legally
Note: I would get rid of that friend – she’s an user
It shouldn’t be a problem. Key word shouldn’t, it does depend on the company. Best thing to do is tell her to give her finance provider a call and ask.
More than likely it will be okay – I mean imagine you were the company, would you rather it went to someone else or risk the debt going toxic and you losing your money 🙂
There’s not laws or anything against this and it is company discretion.
Not without paying off the loan, no.