I have a friend who wants to sell someone a car. That person is a friend. He is going to put the title on the other party's name, and his name will be in as a lien holder.

So, we would like to draw up some paperwork of the agreement that kind-of covers all bases so that my friend is protected in case that friends become no longer friends and payments are missed etc. etc....

Anyways, any help is always appreciated...


Thanks in advace...

 

My personal advice is DON'T DO IT

 

Why not pay an attorney to draft such a document. Doesn't asking a bunch of non attorneys on a public website -- most of whom don't even reside in your country seem like a bit of a bad idea?

Taking that a step further, doesn't the idea of having a lien in your name and thus all of the legal liability and relying on someone else to pay the bills seem like an incredibly bad idea?

 

From personal experiece - Don't do it.

 

You couldn't be more right. However, this is a stubborn mud-a-f-kr that we have here... so I just figured I'd help him out a little... Believe me, I've been in this mess myself and dont recommend it either...

Thanks for the replies anyways

 

Straight forward and simple... consult an attorney.

Mutual acceptance and agreement between the parties will be suffient in conveying this simple transaction. An attorney will verify this in writing, by executing a written agreement.

This will help you avoid someone trying to =F you over.

 

Seriously....Don't Do It!!! I too have made the mistake of loaning my good name for credit. Even with paperwork, your credit still suffers if the other person can't make their payments. Be a good friend and let your friend earn credit on his/her own.