Got A Car Loan For A Friend And Need Legal Advice?

October 27, 2009 by Da Boss
Filed under: General 

I got a car loan for my friend because he could not get approved for a loan. He has made payments here and there for the past 2 years, but never pays on time. he ignores me when the payment is due and he never gives me all of it.he is about 2 months behind but I can not afford it anymore. The plates and everything are in my name. He agreed that he would pay the payment every month on time and he is not. His name is not on anything to do with the car. What are my legal rights to just take the car from him?

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Comments

6 Comments on Got A Car Loan For A Friend And Need Legal Advice?

  1. Sophie B on Tue, 27th Oct 2009 11:53 am

    2. It’s your car, if everything is in your name,
    this is something you should never do…no matter how good of a friend they may be….

  2. dein_85 on Tue, 27th Oct 2009 6:33 pm

    3. Go get the car. If you have to, call the cops, tell them the situation and take a cop with you to get the keys. Then sell the thing for what you owe on it and call it a done deal. Your name is on everything. You own the car legally, he has no rights to the vehicle. Get it back and sell it or your going to end up in debt.

  3. oopie410 on Tue, 27th Oct 2009 7:23 pm

    4. the car is your as long as your name is on the title then it is yours by law you can take the car from him and you could sell it to pay off the loan.

  4. zealot14 on Tue, 27th Oct 2009 10:36 pm

    5. You have the legal right to take the car, and you should. You should be aware of a scary legal reality know as “vicarious liability”, which states that the property owner is liable in an accident, regardless of who is driving (see below). That is, if your friend runs down a school child who is crossing the street, you will be sued into the next century. Bad news.
    PLUS, you should read your contract. Somewhere on the contract is a paragraph forbidding assignment of the contract, and another one regarding instances of default, including any reason perceived by the lender to consider the contract as insecure, including the above mentioned assignment. Thus, if the lender becomes aware of your arrangement, they could call the entire balance of the note to be in default and demand full payment. Or, repossess the car. This would crush your credit.
    Get the car back. Sell it or use it.
    Try to be more careful with your generosity in the future.

  5. Gewgley.com on Tue, 27th Oct 2009 11:25 pm

    6. First make sure you have insurance on it because you are libel if he would have an accident.
    2nd as others have said it is your car just go get it if you have a key get while he is at work or asleep if not as others have suggested go to the cops for help.
    3rd He is not your friend or he would not have done you this way. Depending how much you owe on it depends on what to do with it.
    If you can sell it and get your money then do it but if not you will still be libel for the remainder of the loan. If it is better than the car you have sell you car and put that toward the existing loan and refinance your payments to get the payment down.
    If a friend cannot get a loan in their own name it is not your responsibility to get them a car. A big lesson learned here.

  6. Gragery on Wed, 28th Oct 2009 1:55 am

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