Weathergirl
New Member
A company is claiming that they can take over my leased vehicle (so I can get out of a car that I don't want anymore) and says that this "credit indemnification letter" will relieve me of all financial responsibility for the vehicle. This is what the letter says:
"XYZ has assumed liability for the monthly installment payments on the vehicle listed below. XYZ does hereby relieve: ME of any and all financial responsibility in regards to the below listed vehicle lease. This letter is intended to assist him/her in applying for new credit and to relieve him/her of any and all financial obligation to the below listed vehicle lease. If the account is appearing on the credit report it should be known to all creditors that XYZ assumes all financial obligation for the payments on the below listed auto lease and this account should not show as a burden in relations to his/her income to debt ratio"
And then at the bottom of the letter my vehicle VIN# and acct info is notated.
Is this a legal and binding document? Or are they blowing smoke up my a$$?
I have full coverage on my vehicle, so if this turns out to be a scam and my car is stolen, my insurance will pay it off. I would just rather know upfront and avoid the hassles.
Thanks!
"XYZ has assumed liability for the monthly installment payments on the vehicle listed below. XYZ does hereby relieve: ME of any and all financial responsibility in regards to the below listed vehicle lease. This letter is intended to assist him/her in applying for new credit and to relieve him/her of any and all financial obligation to the below listed vehicle lease. If the account is appearing on the credit report it should be known to all creditors that XYZ assumes all financial obligation for the payments on the below listed auto lease and this account should not show as a burden in relations to his/her income to debt ratio"
And then at the bottom of the letter my vehicle VIN# and acct info is notated.
Is this a legal and binding document? Or are they blowing smoke up my a$$?
I have full coverage on my vehicle, so if this turns out to be a scam and my car is stolen, my insurance will pay it off. I would just rather know upfront and avoid the hassles.
Thanks!
