Promissory Notes

[matthewpmac]

What is the name of your state (only U.S. law)? CA

I have just ended a relationship with my girlfriend who helped me purchase a car. She actually purchased it all in her name and I have been making payments. I would like to know how we can proceed with a promissory note, how she can feel comfortable with that as far as a possible scenario of me defaulting on payments? I will not default but obviously, my credit was not worthy of securing a loan in my name in the first place and she will not trust me to make payments.

How does the promissory note legally bind me and protect her? I would like her to feel comfortable enough to proceed with this option if it is what we choose to do?

 

[tigerseyes737]

I'm in the exact opposit situation my ex defauted on me, damaged my car I bought for him while engaged and gave it back to me without telling me by hiding it in our garage of the town home we are moving out of!!! He has been using it pretty much for the past 2yrs. I might have to file for bankruptcy because of him!!

Both of you should go to a legal/financial advisor. Or you can find generic leasing contracts online to use as well and taylor them to your own needs. If I was in here shoes and you WANT to pay on the care and are willing to sign a contract that's great. She's in better shape then I am at the moment.

P.s. he did this to me the day after my 30th birthday.

Good luck

 

[justalayman]

the only thing a promissory note will do is make it easier to prove in court you owe her. It does not protect her from having to make the payments if you should decide to not make them for what ever reason.

I know you won't like the following but...


If she is half way smart, she will simply sell the car and get out of this deal. While some deals like this work just fine, there are far too many that end up with the nice guy getting screwed.

bottom line:

she owes the finance company. She is responsible to them. There is nothing you can write to remove that responsibility from your ex GF. Until the car is paid off, it is she they will call anytime the payment is late and it is her credit report that will get dinged if a payment is late and it is her credit if the car gets repo'd.