Is this possible to do with my car ?

Question

I have a car that i cannot afford anymore i have someone that is willing totake over payments is there anyway we can do like a promisary note to make it legit it will still be in my name but this person will be driving and paying the payments and insurance if we were to do a promasary note would that mean anything ?

Answer 1

eat seaweed

Answer 2

Is it a car you are Purchasing with a Loan Payment or is it a Lease Payment that this person is making to you (taking over)?

If it is a Lease....call the leasing company and ask about a simple transfer of ownership (if one exists?).

If it is not a leased vehicle.....write up an agreement and seek a Lawyer to review it.  I would also have it Notarized at the Law Office.

CYA....CYA...CYA....Hate to see this on the Jerry Springer Show or Court Shows (Judge Judy, etc).

Either way, I would opt "to get it out of my name" due to the legal and personal implications (eg, accidents, repairs, liability, potential finger pointing, etc.).  Your intentions are good, but I wouldn't do it.  Just my opinion.  Hate to see you lose a good friend because of similar situations that have gone bad....it happens all the time.  If you are purchasing the vehicle...sell it or trade it in for a more reasonable/affordable car or truck.

Answer 3

you dont need a promisary note.you can let them drive it and make the payment to you and you pay the payment but keep it in your name with a spare key so if they dont pay you can go get it. but i tell you this is a very stupid ideal and you will get burned