transferring company car to employee

[cruisin]

What is the name of your state?What is the name of your state? Massachusetts

A few years ago I received a company car as a benefit. The verbal agreement was that the company would pay the 60 monthly payments, excise tax and insurance, and I would pay for maintenence. Once the car is paid off - or I left the company - ownership will be transferred to me, assuming any debt or equity. It is a small company, and I agreed to co-sign on the auto loan.

Now with big maintenence expenses looming ( $900 for tires ), and to protect the equity that is starting to biuld, I think a written contract is in order. So is this a situation easily written up by a contract lawyer for a couple hundred bucks? Or could I write something up myself, to be notarized? I have zero experience with this type of thing, but I know I need to protect my interests. Any advice apprieciated

 

[Beth3]

Before you approach your employer with contract-in-hand and request they sign, I suggest you discuss documenting and formalizing the agreement on paper with them. Hopefully your employer will also agree that is a good idea, just so no disagreements arise down the road. Once they concur with your idea, then you and they can discuss how to do it. I agree that having an attorney draft the agreement or at least review an agreement you and your employer write is a good idea just so all issues are addressed.

Perhaps your employer will be willing to pay the modest legal fee for having this done. Anyway, they're more likely to do so and be agreeable to memorializing the verbal agreement the two of you have if you approach it in this manner.