Legal Question in Wills and Trusts in Illinois
Veheicle Ownership
My father passed away recenty, and he had a co-signer on a vehicle he purchased, and the co-signer also is the co-owner of the vehicle. Im aware that the co-signer now legally ownes the vehicle, because he has right of survivorship,but my question is...he wants me to pay off the car, and he says he will put the vehicle in my name, but my problem with this is... I dont' want to pay off a vehicle that he will own, and trust that he will honor his word. What legal document would I need him to sign before I pay off the vehicle ensuring myself that I wont' lose my payoff money? Is there a particular promisory note or some other docuent that I can have notirzed to protect myself?
2 Answers from Attorneys
Re: Veheicle Ownership
He needs to sign the title over to you, then the car will be yours and you will not have to worry about his word.
Re: Veheicle Ownership
Bill of sale...you can take care of everything at the secretary of state's office
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