Q: is there a way to be covered legally by keeping a car loan in my name and having someone else make monthly payments?
a ministry replied to my craigslist ad and wants to take over my car payments by keeping the vehicle in my name because of his bad credit. I have told 20 people no to this request but his credentials give me peace. is there a way to be covered by a binding legal contract to assure my credit doesn't get damaged?
A: He could hold you harmless and indemnify you. That would mean that if you get sued and they get money out of you, you can sue him to recover whatever they got from you. But you probably do not realize that you are breaking the contract with the bank by doing this. Read it .
A:
No. You also open yourself to a lawsuit if he is in an accident with the vehicle.
As for indemnification, you may contract for it, but you can't get blood from a stone if you were sued.
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