I need some legal insight?

Question

i am wanting to take over a friends motorcycle payments due to the fact i cannot just finance the bike in my name because i have limited credit history we are trying to come up with a way that if he lets me have the bike and keep it in his name but i make payments on it until it is paid in full and he will just sign the title over to me and its done. what we are wondering is if god forbid something bad does happen he does not want any legal repercussions i will have insurance on it. if i am not mistaken i think that as long as his name is on it there is a possibility he still might have legal action taken against him but if there is anything possibly that might change as far as getting a lawyer to write up something or getting something notarized that might change the scenario please inform me thanks for all the answers

Answer 1

You would have to enter into a written agreement wherein you would indemnify him and "hold him harmless" should any "legal" action arise.  In other words, if you are sued over an accident and the victim names "him" in the lawsuit... YOU must pay all his legal expenses and HE can sue you for indemnifcation IF a judgment is entered against HIM for your conduct.

Answer 2

This is called stupid on many levels.

1.  If you can't pay CASH, you can't afford a TOY.  Unless the motorcycle will be your ONLY transportation, it is a toy.

2.  WHEN (not if) something happens, he WILL be legally liable.  No matter what written agreement you have with him, it CAN'T release him from liability to others.  It can only make YOU liable to HIM.

3.  What happens if HE goes bankrupt and the bike is repossessed to cover his debts?  YOU have NO legal rights in that case.