As the guarantor of the actual car buyer, when others can't pay off the loan, they must bear the corresponding guarantee responsibility, that is, the guarantor will pay off all the loans and have the right to recover from the actual car buyer after paying off.
First of all, this is not just borrowing a name, but also borrowing ID information. In short, it is actually a loan in the name of the party concerned. Once the other party does not give money, the person directly sought by the bank is the party. Because the loan is made in the name of the client, the bank will ask the client to pay back the money. If the other party fails to repay in time during the repayment process, it will also have a negative impact on the credit of the parties, making it difficult for the parties to refinance.
Article 681 of the Civil Code of People's Republic of China (PRC) * * * A surety contract is a contract in which the surety and the creditor agree that the surety will perform the debt or assume the responsibility when the debtor fails to perform the due debt or the circumstances agreed by the parties appear.
The forms of suretyship include general suretyship and joint liability suretyship.
If the parties have not agreed on the way of guarantee or the agreement is unclear in the guarantee contract, they shall bear the guarantee liability according to the general guarantee.
Article 687 General Warranty refers to the suretyship that the parties agreed in the suretyship contract that the surety shall bear the suretyship liability when the debtor fails to perform the debt.
The guarantor of a general guarantee has the right to refuse to undertake the guarantee liability to the creditor before the main contract dispute has been tried or arbitrated and the debtor's property has been enforced according to law, except in one of the following circumstances:
(1) The debtor's whereabouts are unknown and there is no property available for execution;
(2) The people's court has accepted the bankruptcy case of the debtor;
(3) The creditor has evidence to prove that the debtor's property is insufficient to perform all debts or cannot perform debts;
(4) The Guarantor waives the rights stipulated in this clause in writing.
Article 691 The scope of suretyship includes the principal creditor's right and its interest, liquidated damages, damages and expenses for realizing the creditor's right. Unless otherwise agreed by the parties, such agreement shall prevail.