New Jersey
My question is the following:
Over a year ago I had some credit issues and asked a friend to sign for a vehicle for me. She took out the loan at a Credit Union under her name only as a favor for me. We signed a letter of agreement that is Notarized. This letter indicates that she took this loan as a favor for me due to credit issues and that she gives me full Power of Attorney to handle any situation relating to this car as well as relating to the loan taken out at the bank. This Power of Attorney is also registered and that Credit Union authorizing me to request any info relating to the loan and car. In the agreement singed by both of us it states that I must maintain full coverage auto insurance at all times and must make my monthly payments on time for 5 years. It also mentions that at the end of the 5 year loan agreement, the vehicles title will be turned over to me. The concern is that she is after 1 year asking me to remove the vehicle from her name and to purchase the loan. Our agreement was as long as I make my payments on time for the 5 years of the loan she would keep to the agreement. I am currently working on my credit and cannot apply for a loan. My question is with this agreement we both signed and agreed upon can she force me to either get a loan in my name or force me to sell the car in order to remove this vehicle from her name. Can the agreement we both signed and notarized stand in a court as a legal document between two parties?
My question is the following:
Over a year ago I had some credit issues and asked a friend to sign for a vehicle for me. She took out the loan at a Credit Union under her name only as a favor for me. We signed a letter of agreement that is Notarized. This letter indicates that she took this loan as a favor for me due to credit issues and that she gives me full Power of Attorney to handle any situation relating to this car as well as relating to the loan taken out at the bank. This Power of Attorney is also registered and that Credit Union authorizing me to request any info relating to the loan and car. In the agreement singed by both of us it states that I must maintain full coverage auto insurance at all times and must make my monthly payments on time for 5 years. It also mentions that at the end of the 5 year loan agreement, the vehicles title will be turned over to me. The concern is that she is after 1 year asking me to remove the vehicle from her name and to purchase the loan. Our agreement was as long as I make my payments on time for the 5 years of the loan she would keep to the agreement. I am currently working on my credit and cannot apply for a loan. My question is with this agreement we both signed and agreed upon can she force me to either get a loan in my name or force me to sell the car in order to remove this vehicle from her name. Can the agreement we both signed and notarized stand in a court as a legal document between two parties?