Overhaulin'

how do i make a stable contract between a friend and i for a car sale?

my friend has a loan for a car which i am going to finish paying off. i need to know the type of contract to come up with that will cover us both in the event that one defaults. any site ideas would be helpful.

Public Comments

1. Go to an "auto tag" place and get them to do the paperwork, they are experts.
2. You just can't continue to pay the bank on the loan, once the loan is paid off they will send the title to the person on the original loan only. Both of you have to contact the bank that is providing the loan and have the bank see if they will transfer the loan to you name only.
3. If your friend is paying a loan it is not his car. you will have to go to the lien holder (loan co.) and have your name placed on the loan.
4. You don't. If you leave the loan in her name, she has to provide insurance and will be responsible for anything that happens, not to mention that the lender wouldn't allow it. You need to find the pay off price on the vehicle, and get approved to get a loan for that amount and have everything transferred into your name. Both of you need to talk to the lender. She doesn't need to be put into the position of a lender and/or repossession company.