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.
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