If I was unable to get financing for a motorcycle so my girlfriend helped me out, is there any type of legal agreement to protect both of us in the event of a break up?

My girlfriend of 3 years at the time financed the motorcycle for me. After about 2 years, I upgraded and she financed the new bike. I make all of the payments and she wants absolutely nothing to do with the bike. We verbally agreed I would make all of the payments (as I have been) on time, directly to the finance company. Once the loan is paid off, she says she will sign the title over to me immediately to “get this out of her hair”. We have a good relationship, but do have our problems. I do have money invested in parts and labor.

Asked on January 31, 2013 under Business Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

I suggest that you and your girlfriend consult with a business attorney to memorialize the agreement that you two have with the motorcyle with respect to loan she was able to get for you and your obligation on paying it down. Included in the agreement would be terms that you are obligated on the loan that she received and her transfer of title of the motorcyle to you when the loan is paid off.

The document needs to be approved by both of you as well as dated and signed.


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