I am thinking about lending a car that I am not using to a friend for an extended period of time. About 6-8 months and he is going to give me about $500 and fix some minor things on the car for me (he is a mechanic). I live in New Jersey. I'd have to put everything in his name so he can register and insure it. I want to draw up some kind of contract to make everything legitiment. Is this whole thing a good idea and what do I have to do to ensure everything works out in my favor?
Answered on: 6/28/13, 4:36 pm by Jonathan Mincis
Make sure there definitely is insurance on the car and work out who is paying it. Maybe write up an agreement. Make sure it properly registered and you better be on top of the insurance because if he is stopped and the car is uninsured you may have serious problems. Good luck
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Jonathan J. Mincis, Esq. Law Offices 131 Main Street, Suite 270 Hackensack, NJ 07601► Other answers from this attorney