Did your partner ask you to finance their vehicle and promise to pay you monthly?
If your partner (not spouse) asks you to finance a vehicle for them and promise to pay the instalments to you, it is because they are likely blacklisted and the banks will not grant them any credit.
Such a practice will likely leave you the victim of financial abuse because it is your signature on the loan agreement. This will leave your credit record vulnerable to a person who will almost always not pay you what they owe.
What you need to consider to protect yourself: if your partner says he/she has the money to pay you monthly for the car, why not use that money to clear their record? The answer: because they actually don’t have the money to clear their record nor pay for the vehicle.
This article by IOL’s Sihle Mlambo explains what it can mean for you, legally and financially. However, our advice to you, is to simply not do it.
Email us for your a personal financial plan tailored to your needs.