Buying a car for my girlfriend under condition of payment notarized by public notary?
Hello, recently my girlfriend of three year s car went out. She has no credit score and subsequently can't get a loan to purchase a new car. I have a good savings portfolio and could buy a new cheaper car outright (thinking Honda Fit or something). However while I trust her, trust only goes so far and I don't trust her quite that much.
Anyways, my thought to remedy this situation is to purchase the vehicle in my name and allow her to make payments directly to me for the amount of the loan payments. I would have this notarized by a public notary that she would agree to pay however many payments it would be on x day of each month for x amount of money and following the conclusion of the last payment, I would sign the title over to her.
To protect both myself and her - In the event that she knew she was to miss a payment I would have an addendum added so that if she were going to miss a payment that she would submit in writing in advance and I would acknowledge such. In the event of failure to this term she would lose all interest in the vehicle.
Would this be a viable option? Can a notary be used in this way or am I mistaken? Would I be able to take legal action in court should she attempt to stop payment?
At any point in time I could purchase the vehicle outright if I so desired and resell it if she did burn me, but I might lose some money due to devaluation.
Lastly, I know about co-signing, but I won't do it simply because I don't trust her with my credit score.
Added (1). Also as related information, she would be insuring the vehicle herself. I wouldn't be adding her to my plan or anything.
Read more: Buying a car for my girlfriend under condition of payment notarized by public notary?
Anyways, my thought to remedy this situation is to purchase the vehicle in my name and allow her to make payments directly to me for the amount of the loan payments. I would have this notarized by a public notary that she would agree to pay however many payments it would be on x day of each month for x amount of money and following the conclusion of the last payment, I would sign the title over to her.
To protect both myself and her - In the event that she knew she was to miss a payment I would have an addendum added so that if she were going to miss a payment that she would submit in writing in advance and I would acknowledge such. In the event of failure to this term she would lose all interest in the vehicle.
Would this be a viable option? Can a notary be used in this way or am I mistaken? Would I be able to take legal action in court should she attempt to stop payment?
At any point in time I could purchase the vehicle outright if I so desired and resell it if she did burn me, but I might lose some money due to devaluation.
Lastly, I know about co-signing, but I won't do it simply because I don't trust her with my credit score.
Added (1). Also as related information, she would be insuring the vehicle herself. I wouldn't be adding her to my plan or anything.
Read more: Buying a car for my girlfriend under condition of payment notarized by public notary?