I want to know how I can safeguard the interest I have put into this car, it is my car, financed for me by a friend. What can I do to ensure that vehicle that I have put so much money into will be mine legally if something unfortunate happens to the owner?
2006-06-12 14:04:48 · 4 answers · asked by Anthony M 1 in Cars & Transportation ➔ Other - Cars & Transportation
You need to get a legal document showing that this is your car subject to a lien payable to your friend. Your name should be on the title. Please consult a lawyer to get this done properly.
2006-06-12 14:09:45 · answer #1 · answered by just♪wondering 7 · 0⤊ 0⤋
Unless your name is on the title, you have no claim of ownership in the car. Get your name on the title which would have to be assigned to you from the current legal owner. At the very least, have your name added to the title so you both own the car.
2006-06-12 21:07:10 · answer #2 · answered by jumpingrightin 6 · 0⤊ 0⤋
Your friend financed it for you, do you mean co-signed? If so, that is one great, but stupid friend! It is not your car if they have their name on the financing papers, it is legally their car. You need to buy the car back (pay them what they paid so you could get the car). Who is making the payments, you or them? Didn't you two have any agreement about this?
2006-06-12 21:13:35 · answer #3 · answered by MadforMAC 7 · 0⤊ 0⤋
Get the title or you're screwed royally.
2006-06-12 21:45:53 · answer #4 · answered by Mark 2 · 0⤊ 0⤋