Over a year ago, my husband and I bought a car for him to drive. His credit was bad so we bought the car in my name.
Several months later he moved out, leaving the car. I already had a car of my own and didn’t want his car, but kept making payments as it was in my name. Gradually I realized I couldn’t keep making payments, but since I owed more than the car was worth (I was “upside down”) I couldn’t sell. I called the finance company and explained the situation but they wouldn’t offer any way out.
Recently I found someone who wanted the car and didn’t mind making the rest of the payments, so I let her begin making them. She is also paying for the car’s insurance, which I control, as I wanted to make sure it was ALWAYS insured.
What sort of promissory note can I prepare that states she will receive the car title when she pays it off 100%? I realize this isn’t an ideal solution, but my only other choice was to let the finance company repo the car. They would have auctioned it and billed me for the difference.
Originally posted 2009-09-22 22:35:09.
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{ 2 comments… read them below or add one }
look for this amount of money and with a vehicle and insurance involved get a lawyer to draw up the note and have it notarized!!!
why dont you have her take out a loan for the full amount to take over the car completely.. you need to get away from this car as it has always been a headache for you…. once she cant pay you then the car stays with you and you still have to make payments… get out of the car as fast as you can… you dont need to be a bank and a babysitter.. get out of the car however you can.