1. The owner and driver must enter into a simple written agreement. The full names of the parties, their residential addresses and the date of the agreement must be provided. This statement includes the borrower`s confirmation that they owe the lender a certain amount called default. It is important for the borrower to recognize that the gap actually exists. Therefore, even if the payment contract is executed, it will not allow anything to be discharged from the borrower. This means that the borrower is required to make payments to the lender in accordance with the original plan that both parties had established. There may be cases where the borrower is not able to pay on time. When this happens, the agreement must include information on what to do.
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