0
Can a seller just decide to take a vehicle back even when the payments have been on time This was a friend who just lost his vehicle and now needs one you dont have the title it was verbal agreement?
Wiki User
∙ 17y ago
This is a classic case of why every transaction involving money whether it is with a family member a friend,a girlfriend etc. NEEDS TO BE IN WRITING!!!!!! What if your friend had died ??You would have nothing that tells anyone you have any interest in the vehicle.If someone won't put it in writing than walk. In your case even with your "friend" alive the burden will be on you to prove the verbal agreement since he holds the title.I hope you have cancelled checks or other documentation to prove your payments to him/her.You are going to have to sue this person to either keep the car or get your money back. Just to ask...who is the registrant of the vehicle and who's name is it insured under?If they are in your name and not your friends it would help your case.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
If you bought a car and the title and loan are in your name but you allowed a friend to take over and now the friend has stopped making payments can you take the vehicle back?
As long as the title and loan are in your name the car is yours. Any payments missed will effect your credit. Take the vehicle back, now.
If your name is not on the lease agreement and you stop making the payments will anything happen to you?
Depends on what state you are in and what you do with the car AFTER you stop paying the notes. Do you have a grand plan to get a free car?? Either pay the notes or turn the car in. Be a real friend and dont screw over someone. If your friend purchased the car, he probably used you as a reference. Once the payments are no longer being made, the finance company will search through all of the referenced to see if they have the car. It is best to finance your own vehicle and turn this vehicle in. If you continue to pay on this vehicle and eventually pay off the loan, you will never see the title because your friend fled. What's the point on paying for something that you will never have clear title to.
You lent your car to a friend with the understanding a verbal agreement he would pay the car payments as long as he had it How do you get your car back the payments owed?
If it is your car, with your name on the title, he may have no legal right to the car, and then again he may, as he was making payments. You might seize the car but once you do that, he may very well sue you for all the payments he made or try to have you arrested for car theft. You have created a mess with a very bad agreement. You should have sold him the car and not entered into this foolish agreement. I would contact a lawyer for advice on what to do, otherwise you may do the wrong thing legally.
How can you repossess a car in Missouri you sold to a friend with only an oral contract that he would make monthly payments?
If you did not give him the title, all you need to do is go get the car (hope you kept the spare key). If you did sign the title over to him with no documented agreement concerning the payments, you have probably given your (ex)friend an expensive present.
You paid a multiple mortgage payments for a friend directly from you to the lender can you lien the property?
For evidence you would need a written, signed agreement (or promissory note) stating that your friend would reimburse you for any mortgage payments you made on their behalf and the agreement would need to recite a date the reimbursement was to be due. You would need to sue your friend for non-performance and obtain a judgment lien. You could record the lien in the land records and it would become a junior lien to the mortgage. If you had no written agreement you could still try to sue but the court may consider you to be a volunteer and would not issue a judgment in your favor.
You got a personal loan in your name and the money was to help a friend out the loan company wanted collateral friend put her car title up but defaulted I paid the loan in full and have her title?
Laws governing property differ from state to state. In general, however, you don't automatically own her car by paying off the loan. You would probably need to have made an agreement with the friend, verbally or better, in writing, at the time of the loan or at the point you began making the payments. If you didn't do that, you are probably out of luck. You can sue the friend for the amount of the payments you made or you can sue your friend for the car; I hope you have documentation of those payments, you will need something to show the payments you made.
Do I have to have a driver license before I can register a vehicle?
yes its part of the agreement but you can have part ownership helping a friend out with there car as there needs to be one licence registered
How do you now a friend is your friend?
That's for only you to decide.
A person has a car and cannot afford it anymore and wants his friend to have car and take over the payments. However his friend lives in a different state. What state does the insurance have to bein?
Which ever state the driver lives in. But more important, the friend needs to have the car titled in his name. I sell cars, and have for 15 years. I can't tell you how many times I've seen people's credit ruined by trusting someone else to make their payments. Guess who is responsible for late payments or a repo? Not to mention the friend being in a car accident and someone gets hurt. Get your friend to get his own finance company and sell the vehicle outright.
Can you get your out of cosign debt in three months if your friend makes all the payments?
No, the co-signer is equally responsible until the agreement is honored in full or the debt/loan is refinanced w/o the co-signer being a party to the action.
Can your financial institution have your vehicle reposessed if they don't have your current address?
Only if you are behind on the payments........ Finding your current address is about as hard as posting this question on this board. It only takes about $100.00 to get your new address from an old friend.
I am the lien holder of a car I sold to a friend who has not made the contractual payments how do I reclaim the vehicle?
The best way to handle the situation is to simply ask for the car back. If that fails, then you can contact the police to assist you with getting the car.
