Buying a car for my girlfriend under condition of payment notarized by public notary?

Recently my girlfriend of three year s car went out. She has no credit score and subsequently can't get a loan to purchase a new car. I have a good savings portfolio and could buy a new cheaper car outright (thinking Honda Fit or something). However while I trust her, trust only goes so far and I don't trust her quite that much.

Anyways, my thought to remedy this situation is to purchase the vehicle in my name and allow her to make payments directly to me for the amount of the loan payments. I would have this notarized by a public notary that she would agree to pay however many payments it would be on x day of each month for x amount of money and following the conclusion of the last payment, I would sign the title over to her.

To protect both myself and her - In the event that she knew she was to miss a payment I would have an addendum added so that if she were going to miss a payment that she would submit in writing in advance and I would acknowledge such. In the event of failure to this term she would lose all interest in the vehicle.

Would this be a viable option? Can a notary be used in this way or am I mistaken? Would I be able to take legal action in court should she attempt to stop payment?

At any point in time I could purchase the vehicle outright if I so desired and resell it if she did burn me, but I might lose some money due to devaluation.

Lastly, I know about co-signing, but I won't do it simply because I don't trust her with my credit score.

Added (1). Also as related information, she would be insuring the vehicle herself. I wouldn't be adding her to my plan or anything.

The main problem with this plan is that until she pays the car off it is titled in your name, and you are legally liable for any damage or accidents that she causes with the vehicle

Another option would be to have her sign a finance agreement with you have a lien filed against the title (you acting as a bank). In most states you would need a contract that spells out the payments and interest rates and a copy would need to be filed with DMV

I would not get involved in this. Yes it would work, but still possibly mess up your credit score and could ruin your friendship with her.

Also since it's in your name the insurance is your responsibility but you would need her name on it as principle driver which could mess up your loan.

Avoid it.

Do not do this, it will eventually turn into an issue.

Having something notarized only means that a notary public verified a party's ID and witnessed their signature. It has no real legal clout.

Why not just retain ownership of the vehicle and loan it to her on a long-term basis, with properly set out terms and conditions, such as who is going to maintain it and what penalty there's, or isn't, in the event of any damage caused, with an appropriate insurance policy? It would be a whole lot simpler!

You could get an agreement like you mention.
This is basically just a loan between two people.
The issue for you is probably not getting paid back.

If they have no money they have no money. You do not get magic money from the court if you sue for payment.

It does happen that this car might be in an accident. It could happen when parked. Your insurance will not give Full value back to you. Maybe it gets parking tickets. The OWNER has to deal with them. That you MIGHT get reimbursed is some other issue to deal with.

On non payment yes you could claim back whatever the car and its condition at the time. It might have a resale value or it might not. That is your risk.

As it is YOUR car it is possible that her bad driving may affect your insurance rates for your other cars. Your Insurance Agent will need to explain the details of different Insurance packages.

She has no credit score and subsequently can't get a loan to purchase a new car.
Think for a moment. She does not have reliable resources to pay anyone including you.

She might be able to pay you back. It is doubtful and it is reasonable for you to cover yourself with a written agreement.

IF she has no money to pay she has no money. If the car is damaged it is damaged.
Insurance is not FREE lottery winnings. Your next premiums can go up to compensate insurance for the pay out.
it may not pay out what you expect. What you might be able to sell the car for could be a lot or a little. You keep the profit or the loss.

While I trust her, trust only goes so far and I don't trust her quite that much.
That is your guide.

This document can be made.
It does not GUARANTEE you full financial compensation in case of non payment.

YOU are required to make the payments to the car seller. It is THEIR car until YOU pay for it. That you allow another to drive the car you are paying for is your issue to deal with.
The car seller wants their payments just like you do.

Their contract with you has many details in regards to non payment/default. YOUR contract with this other person should have similar wording.

You should have this document prepared by YOUR Lawyer.
This is standard loan your lawyer can put it in the correct legal terms. Should not be a big expense but is not FREE.

The Notary is just where you go for the signing part.

Would I be able to take legal action in court should she attempt to stop payment? YES
That does not mean you get magic money from someone that does not have any.

At any point in time I could purchase the vehicle outright if I so desired and resell it
This is a much easier thing to do in the legal process. It does not guarantee you get paid. It does clarify who the owner is when there might be an insurance pay out, a parking ticket, a camera speeding ticket and so on.

It is risky for you. Others do not want to loan money to her for obvious reasons. YOU CAN just do not expect full payment. While you hope to get paid back for your purposes draw up this documentation assuming they will not pay.
Being able to collect? It matters if they will not pay or can't pay.

Seriously do you expect this friend to be friendly in the future if they decide not to pay you back.

While I trust her, trust only goes so far and I don't trust her quite that much. PLAN ON THE WORST CASE and hope for a better outcome.

You will lose your girlfriend that way.
Pay for the car in full, it's yours, and get insurance (that you pay for) that will have both names as authorized drivers.
Don't expect your girlfriend to give you money.

There's certainly a risk, dude. A fairly big one.

Why not simply purchase a vehicle and place the title and registration in both of your names? If you do so, and she faults on her payments, you will still retain proper and legal ownership.

Don't let women use you. You will only regret it.

No, no and no. Tell your girlfriend to buy a used car.