Check out some similar questions!

acibrix · Aug 12, 2008, 12:54 PM

I signed a car loan about 3 years ago for a friend and think the title is only in his name. Now he is unable to make payments on this loan. His credit is bad and unable to get a car load to pay my car loan off. What are my options? Is their anything I can do? Do I still have the right to take the car from my friend?

Thanks in advance

N0help4u · Aug 12, 2008, 12:56 PM

You can not take the car from him or you will be in legal trouble for theft since the title is who legally owns the car.
Did he sign anything saying he would be responsible to make the payments?

So far the only options I see are continue to pay and take him to court if he did sign anything
Or quit making payments and let the car get repo-ed if he doesn't pay and then you end up with bad credit.

acibrix · Aug 12, 2008, 05:19 PM

Originally Posted by N0help4u

You can not take the car from him or you will be in legal trouble for theft since the title is who legally owns the car.
Did he sign anything saying he would be responsible to make the payments?

So far the only options I see are continue to pay and take him to court if he did sign anything
or quit making payments and let the car get repo-ed if he doesn't pay and then you end up with bad credit.

No, it was a verbal agreement. Was very young when I didn't this agreement. Is their a way to get that title back in my name since I am the sole on the loan? Would my friend be able to trade the vehicle in this situation?

N0help4u · Aug 12, 2008, 05:39 PM

NO way to get the title back unless you make some kind of deal that suits him like paying him what he has already put into it and tell him in a nice way it would get repo-ed if it is up him to keep up the payments.
Other than that any other way I think would ruin your credit.

I don't know if he could trade it in even if he did you would still be paying for some differences.

Fr_Chuck · Aug 12, 2008, 05:50 PM

Well you can hope he does not know the law, and talk him into signing the title over to you, and you agree to finish making the payments

You may work out a deal with the loan company for them to repo it and you "buy" it back from them

N0help4u · Aug 12, 2008, 06:12 PM

Originally Posted by Fr_Chuck

You may work out a deal with the loan company for them to repo it and you "buy" it back from them

I was thinking of that too but wasn't sure about wording it right

acibrix · Aug 13, 2008, 06:14 AM

Originally Posted by N0help4u

I was thinking of that too but wasn't sure about wording it right

Called the lender they stated that the title is in my name based on their system. The information is being sent to me. Could their be inconsistency between the DMV's title information and the lender's?

N0help4u · Aug 13, 2008, 06:36 AM

Before I did ANYTHING whatsoever I would send for a copy of the title that HAS YOUR NAME on it and then go from there. Without a copy of the title with your name on it IN your hand you can be arrested for grand theft auto if you just try and take it. And without it he will just argue with it over it.

acibrix · Aug 13, 2008, 06:54 AM

Originally Posted by N0help4u

Before I did ANYTHING whatsoever I would send for a copy of the title that HAS YOUR NAME on it and then go from there. Without a copy of the title with your name on it IN your hand you can be arrested for grand theft auto if you just try and take it. And without it he will just argue with it over it.

Thank you to everyone for your advice.