payout auto loan
December 12th, 2012 by Questions
I want to file a consumer proposal as I am swimming in debt. Problem is that I have six months worth of car payment with the bank that is alsomy biggest creditor. A friend as offered to payout the loan and I would then make the same monthly payment to her instead of to the bank. Would this be ok? Alternate possiblity is to get see if a mom would payout my loan as a xmas gift…would that be ok? my preference is to take the loan from my friend.
The car is a secured asset as it has a lien on it…and my friend would draw up official paper giving her title to the vehicle if i don’t repay the loan.
Posted from: Ontario