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Promissory note
Anonymous2 views3 answers
My friend got me a car because her credit was better (she singed the paperwork & was approved for a loan on the car) and we signed a promissory note which states payment agreements plus I pay her 1500 from my income tax. I do not have the money up front but offered to pay her monthly payments. Now she is threatening to take the car if I don't give it all at once. The contract does not have a time frame on when it is due. I have not been behind on a car payment and the insurance is in my name.
You really need to get a consultation with an attorney. This is factually sensitive and the wording on the documents will be conclusive to determine what your rights and responsibilities are. That being said, there are a few things of note that you should clarify or keep in mind:
1. Who has title to the car, you or your friend? It seems that your friend has title. If this is the case, she is in a stronger position to carry thorugh with her threat if you are in default of tthe promissory note.
2. It seems you owe her $1,500 from your "income tax" as part of the agreement. Presumably, you are referring to an income tax refund. And, when you get it, it would appear due immeidately to your friend. If you are making the monthly payments and the issue is the $1,500, it seems the $1,500 would be due to your friend when you receive it. thus, I don't understand how the contact does not state the time frame. You need to clarify this.
Good luck.
Marty
This appears very similar to another post although a relevant fact has not been clarified. The language addressing the $1500 from your income tax is what a judge would look at in determining what you (pl.) intended when you drafted the agreement.
