I've got to get ahold of this car to sell or something. Once I find my "friend", how can I get the car away? Will the police help? Wondering what to do? I can't keep making these car payments.
2006-09-09 03:56:47 · 11 answers · asked by thirtiesrok 2 in Business & Finance ➔ Credit
The police will not help because the car is not stolen. You are both owners and your friend is the present operator.
If both of your names are on the title, you can hire a detective agency to try to locate the "friend" and can drive it off IF you have a set of keys.
If you have a promissory note from your friend regarding payment and default, you may have a chance to take the friend to small claims court and get a judgment.
Once you have a judgment, you can then go to a collection agency and get half of the money you have paid (the agency gets the other half).
2006-09-09 04:05:35 · answer #1 · answered by ramnas06 2 · 0⤊ 0⤋
I don't know if the police can help or not. Since you co-signed and the so-called friend has not paid, the payment falls on you. Did this person sign a contract with you saying he or she would make all the payments? Make sure you have proof of all the payments you have made. Returned checks, bank statements, etc. If you have a family friend or relative who is a lawyer, try talking to them for advice. You may need to take this person to small claims court to get your money back. Tricky because you are the co-signer. NEVER co-sign or loan money to friends or family!!!
2006-09-09 11:04:53 · answer #2 · answered by darci_67 3 · 0⤊ 0⤋
If the person who has the car is on the loan, then there's nothing the police can do. What can they charge him/her with? Stealing his/her own car? Not going to happen.
What you need to do is try to find the friend. Convince him/her (if possible which I doubt) to find a bank that will refinance him/her own their own, thus taking you off the loan and eliminating your responsibility.
If all else fails you need to contact a lawyer and start a small claims lawsuit. Trying to get the police involved is a waste of time...it's not Grand Theft Auto if the person's name is on the title of the car as well as your.
2006-09-09 12:34:18 · answer #3 · answered by Loquat 3 · 0⤊ 0⤋
unfortunately, your friend has not committed a crime against you. Thus, the police will not help.
Even if you find your friend or the car, you probably won't be able to sell it because you are not the legal owner.
The lender doesn't care who makes the payments, just that they are made.
If you stop making the payments, then the bank could attempt to repo the car, but they will likely damage your credit by reporting you as delinquent to the credit bureaus.
It is a tough life lesson for you to learn. Sorry.
2006-09-09 11:07:26 · answer #4 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
Your friend has been gone for 3 payments or about 90 days.
If you haven't done it already, call the police & report her as
"missing", it won't hurt her & it helps to protect you.
Once you have a copy of the police report, call the "car loan" people & report it to them. This lets you document the incident &
lets you discuss what to do next with the people who need to know. Ask question like: Should i report the car as stolen?
Do we have insurance to cover this? & Whats the next step to take?
Car theft is a serious crime & you need to take steps to keep
yourself from being accused of any kind of fraud.
2006-09-09 14:33:32 · answer #5 · answered by rpf5 7 · 0⤊ 0⤋
You are sunk. Unfortunately when you signed that agreement you were just as responsible for making those payments as your deadbeat friend. I'd talk to a lawyer. You cannot legally take your friend's car and resell it .. you are a COSIGNER not a CO-OWNER unless your name is also on the title.
Again, my best advice is to see a lawyer and buy half an hour of his time.
2006-09-09 15:22:48 · answer #6 · answered by CactusFlower 4 · 0⤊ 0⤋
Don't make the payments and the car will be repossed. You credit may be ruined but you can claim the car was stolen. Another idea would be backruptcy and then rebuild your credit. One last thought you can hire a Private Det. to trace the person down and repo the car yourself and then sell it or give it back to dealer.
2006-09-09 11:12:07 · answer #7 · answered by maryann firer 1 · 0⤊ 1⤋
No the police will not help you take the car illegally. You co-signed the note willingly, so you are stuck. Consult with an attorney, and see what remedies are available to you. Don't ever co-sign anything again in your life.
2006-09-09 11:01:10 · answer #8 · answered by WC 7 · 1⤊ 0⤋
Once you find the friend you can take the car anytime you want. You're name is attached to it. Once you have the car you can do whatever you want with it. The hardest part will be finding this "friend". Good luck, this won't be easy.
2006-09-09 11:04:13 · answer #9 · answered by Crazymom 6 · 0⤊ 0⤋
get ride of this car fast or ur credit is going to go down in flames if you dont, sell it with out ur friend.
2006-09-09 11:00:14 · answer #10 · answered by pinballwiz87 2 · 0⤊ 0⤋