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Is a promissory note for a car legally binding?
If I asked to hold a car overnight so that I could make a decision on it today and was asked to sign a promissory note, am I now legally bound to buy the car?
3 Answers
- 1 decade agoFavorite Answer
We'll it depends on what your promissory note actually says. A promissory note is really just a contract that enforces the obligee to pay money, but the terms of the note controls the parties' obligations. Your state may also have a consumer protection act of some kind that protects consumers in car sales.
- Anonymous1 decade ago
A promissory note is a binding, legal document. It depends on the language within the note you signed what you are committed to.
- Anonymous5 years ago
A family member or close friend (or the Mafia) are the only people I know that would allow you to make payments on a private loan. Most people want their money at the transaction. Best bet is to save up as much cash as possible. if you can put half the money down, you can probably get approved for the loan.
