Selling my car without getting any money.. How to protect myself?
September 5, 2013 5:07 PM Subscribe
For reasons that were mutually beneficial at face value, I sold my car to my SO's parent. However, therein lies the problem.. any way to get myself in a better situation than the one I've inadvertently gotten myself into without realizing the full ramifications of my decision?
posted by lunastellasol to human relations (23 answers total) 1 user marked this as a favorite
For all intents and purposes let's assume that this decision cannot be undone (however, if you have advice as to why it should not be followed through, please let me know). I would like to move forward with this decision, I just need advice to make this happen in the best possible way that will protect me, seeing as I have a lot more at stake here.
I have sold my car to my SO's parent, however, they cannot afford a lump sum and have not provided any money at all. I have offered the possibility of paying off the car and having them make payments. If you know from my previous question, I have recently moved to a new city and have not yet found a job, so the funds to be used to pay off the vehicle are pretty much the cushion for living. I know, not the greatest idea and I can't imagine how I got myself into this situation. What is the most favorable outcome and how can I legally ensure that I will not get screwed over in the end?
The icing on the cake is that SO's parent is not financially responsible. They make decent money but have never been able to make wise financial decisions and my concern is lack of payment. Due to insurance reasons, I have decided to pay off the car and put the title under SO's parent's name so they can insure the vehicle as they will be driving it of course and I don't feel comfortable getting insurance and putting them on it. Is there a contract or a script or something that I can legally use for protection to make sure that I don't get swindled, that they pay on time, and that if anything happens I can get the car back if they don't pay up? I don't want to be legally responsible if they wreck the car or anything, but I really need to make sure they give me the money they promised.
This was made under the assumption that due to them being my SO's parent, they would do the right thing. However, at this point, they don't have any reason (other than bad blood between us if they screw me over) to pay. My concern is also, that they won't pay on time, or try to make partial payments because they "can't afford" it this month, and will pay the other portion the following paycheck etc. Please help? I wish I could go back on this, and if anyone gives me reason to suspect it won't work out, I will. Mefites, my financial future is in your hands. Also, I learned my lesson. I have never entered into any monetary agreement with anyone, even my own family, let alone anyone else. Is there at least a bill of sale or some kind of stock legal document I can have them sign that will provide me with some kind of protection? I don't want them to hate me, but at this point, what's more important is that I don't want to be taken for a fool.