2006-11-30 17:14:17 · 11 answers · asked by paul m 1 in Cars & Transportation ➔ Buying & Selling
Ummm... that's not so legal bud. Your in a pretty dangerous situation if you don't have anything in writing, do you have anything that says that the car is forfeit if they don't repay you? Do you have any documentation at all of the loan? If you don't, It might be really hard to back up in court if they want their car back.
2006-11-30 17:17:49 · answer #1 · answered by Richard A 2 · 0⤊ 1⤋
did they sign off on the title, where it says "Release of interest"? If not, then it is still their car. Do you have a written agreement of some sort, to the effect of the loan terms? If not, you could be screwed. If you take the car, and it's still in their name, they could say you stole it and you would have no legal recourse.
2006-12-01 03:16:24 · answer #2 · answered by EileenNellie 2 · 0⤊ 0⤋
Not necessarily.
If it's signed off, then yes.
If it is not, then no.
If it's an illegitimate title, then you're screwed.
If there's another lien holder on the title, then they have first dibs on the car. DO NOT ACCEPT OWNERSHIP, or you will incur the payoff liabilities.
This answer relates to an extension of English Common Law as has developed in many States in North America. If you are subject to other forms of "law," please disregard this answer. And loan money only to close trusted family, and get title deeds on their real estate instead.
2006-11-30 17:30:27 · answer #3 · answered by Boomer Wisdom 7 · 1⤊ 1⤋
wht is car title? is it the car's papers? if yes, you have 100% power to take over the car...thts your right...YES, The car belongs to you now...
if you have their car with you already, you shld changes the owners name, when you loaned the money was their any written agreement? if yes, you r a wise man, you will have no problems changing the name of the car.
If the car is not in your possesion yet, and you cannot get hold of the person, you shld report a fraud case to the police...bring the agreement contract paper along, tht will help alot.
2006-11-30 17:18:54 · answer #4 · answered by Jendralus 5 · 0⤊ 1⤋
Only if they signed the title over to you. If not, it's still legally theirs. However posession is 9/10's of the law..keep it till they pay or sign..
2006-11-30 17:17:45 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If they aren't going to pay you then that's why you have the title. Best talk to them first though, they might at least like to refinance their loan with another friend.
2006-11-30 17:16:12 · answer #6 · answered by Chris H 6 · 0⤊ 1⤋
If they signed the title, then yup, it's yours. If they just gave you the title but didn't sign it, then you'll need to consult an attorney to see what you do next. Good luck.
2006-11-30 17:16:32 · answer #7 · answered by Mrs. Strain 5 · 1⤊ 1⤋
if they signed the title it is pretty much yours~although you may also need a bill of sale as well. that depends on where you live.
2006-11-30 17:19:59 · answer #8 · answered by breezy b 3 · 1⤊ 1⤋
if they have signed the back of the title then yes it is yours
2006-11-30 17:16:23 · answer #9 · answered by idunnomynamenow 2 · 1⤊ 1⤋
if they have signed the title over to you I am almost postive it is yours but you can check with the DMV
2006-11-30 17:17:51 · answer #10 · answered by mcherie68 1 · 0⤊ 1⤋