2007-01-20 08:04:47 · 19 answers · asked by RickTB 1 in Business & Finance ➔ Personal Finance
That depends.. are they willing to sign it over to you as payment? If so then yeah you can take it as payment. If they arent willing.. then quite probably not.. that would be "theft by conversion"
There are ways to legally convert though.. you could put a storage lien against it (you'll have to check your specific states laws for the details though) but in any event you are likely gonna end up in some court somewhere to get a legal judgement.
2007-01-20 08:23:55 · answer #1 · answered by darchangel_3 5 · 0⤊ 0⤋
Right now you owe $8000 on a car that is worth $6000 .That puts you $2000 in the hole. If you trade it in on $15,000 Nitro, you will end up owing $17,000 on it and because it is newer it would be depreciating (losing value) faster. This might work but only if the Nitro does not need any work for a long time. The best solution would be have the Ford fixed good and to pay it off ASAP so you can get what you want. It sounds like the KIA people are not doing a great job for you. If you find someone who can really fix it, that would be best, If not, then I say trade it in on a cheap new car with a warranty that will last at least until it is paid for.
2016-05-24 01:36:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
the money you are owed is a credit agreement between two private individuals and does not carry any weight of restitution before the law, in english? you loaned somebody money ? so you must have trusted them to be able at some time in the future to pay you back ,if not? tough titty , on the other hand, if they left a vehicle in your care, than that is exactly what they have done, touch it as repayment of the loan and you get done for theft , no if's or butt's
2007-01-20 10:09:17 · answer #3 · answered by fred10002003 2 · 0⤊ 0⤋
No, the law doesn't work that way unless you have a written agreement that the car can be used as a payoff method. But the law doesn't allow you to simply choose to take an item outside of the agreement made for repayment.
2007-01-20 08:12:00 · answer #4 · answered by The Scorpion 6 · 0⤊ 0⤋
Do not accept this as payment until the title is transferred to your name. Whoever is in possession and listed on the title is the legal owner. The title in your possession carries more legal ownership and weight then the vehicle in itself.
2007-01-20 09:27:20 · answer #5 · answered by Beautiful Disaster 2 · 0⤊ 0⤋
If the person is intending to come back NO and still NO you will need proof of the debt how much etc how long they have owed it for and a court order sorry
2007-01-20 09:13:00 · answer #6 · answered by thunderchild67 4 · 0⤊ 0⤋
Hi there, to answer your Q. Only if you are in possession of the Log Book and probably a Bill of Sale for the amount owing to you and of course make sure you have both sets of keys lol. Hope this answers your Q.
2007-01-20 08:15:57 · answer #7 · answered by jaywalker252 2 · 0⤊ 1⤋
Only if they left you with a signed title so you can use, sell, register or trade the vehicle.
2007-01-20 08:12:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I really don't know but i would call a lawyer and ask them. but i think you can't because what if he comes back and you don't have the car, he can say you stoled it. exspecially if its not on paper or he has the title and you don't sorry. but do call a lawyer, i could be wrong. good luck. I learned my lesson I don't loan money out to no one, but my son.
2007-01-20 08:10:55 · answer #9 · answered by misty blue 6 · 0⤊ 0⤋
Only if the car was used collateral, AND if you filed the appropriate lien information with the DMV.
2007-01-20 12:00:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋