Promissory Installment Note???

[legaladvise123]

What is the name of your state? Florida

How good is a Promissary Installment Note???

My boyfreind wants to purchase a boat but has bad credit. My credit is good and he asked me if I will sign for one for us. I want it also but only as long as we are together. There will be no co-signing it will be totally financed in my name.

I talked to an elderly lady who advised me that if I were to make this purchase to be sure to have him sign a Promissory Installment Note. She said that this way he would be liable for payment/dept. if we were to ever go our seperate ways as long as the promissory note is dated, signed by both parties and states this dept. in full detail. She also said if he refused to pay that I could use this promissory note to hold him responsible and keep my credit in good standing, is this true?

What are my rights using a Promissory Installment Note, will this in fact make him responsible for this dept. if we go our seperate ways? Should I file this note somewhere, where and how? How would it go if we split up and he refused to pay on this note? Would I have to have the boat repossesed and then take him to court on the promissory note to get my credit back in line, or how?

Thank you so much

[seniorjudge]

I don't have time to go into all the reasons why this is an exceptionally bad idea.

Let me just give you one scenario: You buy the boat, he wrecks it the next day and then says adios. The insurance on the boat will not be enough to repay the whole loan.

[LdiJ]

Originally Posted by legaladvise123

What is the name of your state? Florida

How good is a Promissary Installment Note???

My boyfreind wants to purchase a boat but has bad credit. My credit is good and he asked me if I will sign for one for us. I want it also but only as long as we are together. There will be no co-signing it will be totally financed in my name.

I talked to an elderly lady who advised me that if I were to make this purchase to be sure to have him sign a Promissory Installment Note. She said that this way he would be liable for payment/dept. if we were to ever go our seperate ways as long as the promissory note is dated, signed by both parties and states this dept. in full detail. She also said if he refused to pay that I could use this promissory note to hold him responsible and keep my credit in good standing, is this true?

What are my rights using a Promissory Installment Note, will this in fact make him responsible for this dept. if we go our seperate ways? Should I file this note somewhere, where and how? How would it go if we split up and he refused to pay on this note? Would I have to have the boat repossesed and then take him to court on the promissory note to get my credit back in line, or how?

Thank you so much

A promissory note would make him legally responsible to YOU for the payments on the boat, but you would still be legally responsible to the finance company. A promissory note WOULD NOT make him legally responsible to the finance company.

Sorry, but what you are thinking about doing is a very bad idea. If you break up and he disappears it could cost you more to collect from him (and you may not succeed) than what you collect. I certainly would never do something like that.

[JETX]

Originally Posted by legaladvise123

How good is a Promissary Installment Note???

A promissory note is only as good as the person who signs it. If the signer is a deadbeat with no credit, he will likely continue to be a deadbeat when it comes to paying on the debt.

My boyfreind wants to purchase a boat but has bad credit.

What does it matter what he WANTS??? Lots of people WANT lots of things. Simply, tell him that if he can't afford it, he doesn't get it. Pretty simple.

My credit is good and he asked me if I will sign for one for us. I want it also but only as long as we are together. There will be no co-signing it will be totally financed in my name.

So, you're considering giving him a new way to screw you, huh?? If you are so gullible as to fall for this, at least put the boat in YOUR name (his name NO WHERE!). Oh, and keep all the keys in YOUR control.

She also said if he refused to pay that I could use this promissory note to hold him responsible and keep my credit in good standing, is this true?

Of course not. This forum is FULL of woeful stories of ex-girlfriends (usually) who allowed themselves to be put in the same position you are considering. Do NOT do it. If he decides to not pay, he won't. Your only recourse (with a promissory note) is to sue his ass in court and, hopefully, get a judgment against him. However, if he doesn't have anything (and Florida is pretty generous on the exempt property he can claim), you get nothing. And then when he files bankruptcy (and he will) you even lose your place in line if he were to ever get anything.
Bottom line.... he has the boat, you have the payments.