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    pughouse's Avatar
    pughouse Posts: 1, Reputation: 1
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    #1

    Jan 29, 2010, 11:31 AM
    I am selling my car to a friend who needs to make payments, is there a contract ?
    I am selling my car to a friend who needs to make payments and wondering if there is a contract for this all ready to go?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Jan 29, 2010, 11:34 AM

    Your friend has to sign a promissory note to you for the amount of the car and make payments determined by you. I would suggest though that you forego this way of payment as nothing ever good comes of it, even from a friend. How do you know for sure he will pay you every month ? If he doesn't, then you will be making a trip to small claims court to recoup your money.

    He should be getting a loan from his bank to pay you cash.

    Tick
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
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    #3

    Jan 29, 2010, 11:44 AM

    Here's a sample form that includes interest charges. I did something similar, but omitted the interest, with my brother. You might want to put into the form how much your friend is to pay per month. Your friend should have his signature notarized.

    http://www.formsguru.com/free-legal-...note-form.html

    Your public library should have books on legal matters from Nolo Publishing. There will be one that includes a print sample promissory note form as well as a printable one on a CD. Put either in Word and edit as necessary.
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