- Jurisdiction
- Georgia
My truck broke down earlier this week and left me in a tough position. My truck is not worth what the repairs cost so I intend to sell it for scrap and buy another vehicle. I found a 2011 Dodge Nitro for $1200 + taxes and tag fees that was a repo vehicle from a title pawn company. It's in good condition and worth more than what the principal on the loan is but I don't have the cash for it right now. I only have roughly $400 which is just enough to pay the taxes on it. A very good friend and coworker of mine offered to finance the rest of it for me for a flat dollar amount of interest (probably $200-$400). He wants to put the title in his name until I pay it off. I trust his word as we've known each other for years but I don't feel like that's the right way to do this and it causes a bunch of complications with taxes and insurance.
I am most likely going to take the offer so my question is how to set this up in a way that is legal and protects both of us from ending up with a bad deal.
I am most likely going to take the offer so my question is how to set this up in a way that is legal and protects both of us from ending up with a bad deal.