I'm paying to get a friends motorcycle out of a pawn shop.What should I do to protect myself until i get $$

Question

I wanna make sure that until my friend pays me back , he cant say i stole it! Should i have him sign the pink slip over to me?

Answer 1

If you are this uncertain of lending money to this friend before you've even done it - then don't lend the money at all.

Too many sets of 'friends' have ended up on Judge Judy from a situation just like yours.

Answer 2

A receipt from the pawn shop is all you need. Since the pawn shop would not have accepted the bike without having legal title, the title is now yours. Since possession is nine points of the law, keep the bike locked up until the friend redeems it.

Answer 3

You and him go to the dmv and request a lien put on the bike, he can't sell the bike until the lien is satisfied, or of he forfiets on not making the payments you can take custody of the bike, being the lien holder on the title,in NC he has to go to the tag office with you, I know in Iowa he doesn't. JUST HAVING title in hand is garbage, I'm going thru this right now, and I have the title, with no lien(my stupidity) and she filed for a lost title, and got it,so this is how I found out, the hard way. If you go and have the title put in your name till he pays, and he wrecks it, guess who is going to be sued for bodily damage or property damage, it won't be him, YOU the owner

Answer 4

Have him sign the title over to you. Also for liability sake and to protect your investment do not let him ride it until it is paid and you have signed the title back to him

Also put in writing the length of time he has to pay you for it so that if he drags it out you have the right to sell it to someone else.

Answer 5

Once you get it from the pawn shop, you should have the title in hand from them.

JUST to be on the safe side... and because you're already questioning your friend's financial stability... I would go ahead and go to the courthouse, have the title transferred to your name just as if you had bought it (which technically, you have.)

Then when your buddy ponies up the dough... he can go and transfer the title to make his "purchase" legit. In the long run, it'll be worth your peace of mind knowing that if he DOES back out of repaying you, you'll be able to sell it to someone else and recoup your cash.

Answer 6

I wouldn't do it. I am a very giving person and it sounds like a situation where you can get burned. You can protect yourself by writing a payment schedule and having both parties sign it. But if your friend burns you, then you have to go through the court process. I would really encourage you to tell your friend that you can't help them.

Answer 7

I would suggest getting the loan terms in writing.
1) that it is, in fact, a loan and not a gift
2) how quickly he is required to pay the loan back
3) add the signature of a witness or signing it before a notary public would be helpful too.

Answer 8

Rat your dirtbag friend out.....He double crossed you, so return the favor....if it's stolen just tell the cops the truth and give them all the info on your friend and they will look into it. but if your friend has a clean slate(no criminal record, no history of criminal acts) then ur going to have to take the blame...If you have no record then you should be fine...just make sure the ring is returned to the owner, apologise and pay the fine.

Answer 9

its like a bank loan have the pink signed to you till he ponys up with the duckets then sign it over to him, kes asking you to trust him to pay you back so tell him to trust you to sign the bike back over to you till get the $

Answer 10

get a statement on paper saying he is going to pay you back by a certain time and have him sign it in front of a notary.