Consumer Law, Warranties Promissory Notes

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sheetzlady

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My jurisdiction is: Pennsylvania

I have an acquaintance in NY who offered to lend me money to pay off my car loan. The amount he will lend me is $14000. I live in PA. We were thinking that a promissory note would be the best way to go about entering into a repayment agreement but my question is this: should the document be drawn up in one state or the other or will it be valid in both states? Neither of us wants any hassles down the road. Thanks so much!
 
Seems to me as though a simple bill of sale with contract language disclosing the terms and conditions is in order. I would suggest re-licensing the vehicle once you secure the title after paying it off and taking the contract to DMV to be recorded. The title will be mailed to your cousin who holds it until the lein is paid.
 
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