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I purchased, financed , registered and insured car under my name for a friend who had bad credit. now he refuses to make paymen
Anonymous2 views6 answers
I purchased a car 2 years ago for a friend because he couldn't get the car loan because of his credit. I financed it registered it and insured it under my name and he drives it. He originally agreed to make the payments on the car loan and pay for the insurance, registraion and all taxes and maintenance.
He also agreed to fix his credit and refinance it under his name in 1 years time but it had been over 2 years and he still has not done it.
He didnt pay the insurance payment for this month (Nov) and now refuses to make the loan payment due 11/21/2012. He said he wont pay it because we had an argument 3 weeks ago and said I embarrased him and hurt his honor because somone else was there during the argument. He also said if I take the car back I will have t o pay him the $5000.00 he put
John Warwick CaldwellPatent Application AttorneyPhiladelphia, PA ·
A question for fellow lawyers who are in this field (I am not).
Isn't the car owned by the questioner? He or she can just either drive it away (if she has a key) or have a repo agent collect it, no? Sell the thing ( he has the title)and tell the former friend to pound sand.
What do you think?
You are already in a very difficult situation, but for those reading this ... NEVER co-sign the loan of another person without speaking to a lawyer and making sure that appropriate controls are in place. You are both responsible for the loan, and the bank is just as happy to ignore him and come after you! Meanwhile, your friend is driving your property and ruining your credit.
You may be able to sue him on a breach of contract (based on his promise to make payments), and you really need a lawyer.
First, you need to make sure that you continue to make your insurance and car payments on time, to avoid having the insurance cancelled and keep your credit clean. Don't wait for your friend to make these payments. I think that you are the same person who also posted that you need to evict this individual, so it seems that he is done paying you anything. You need to protect your own legal interests.
Second, if the title and registration are in your name, then you are the owner of the car. You don't need to buy it back from him. But hire an attorney regarding the best way to "repossess" the car.
