I recently gave cash for a used car and making bi weekly pymts. At the time I was in dire straits for a car...a friend was going to let their car go back, so the deal was I give them cash money for the work recently done and the new tires and take over pymts. Well now I am finding that they owe alot more on the car than what was discussed. I am paying on a car that is in their name...I want to know if there is a way to get this car put in my name. I have been told that being he bought it at a "tote the note" place they will not transfer. Will a bill of sale work to change it over to my name??
I just want to be sure 6-8 months from now they cant decide they want it back...or being I am working on my credit ..it would be nice to get the credit for paying this car off.
I would appreciate any advice...
2007-06-29 03:14:57 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
If you were willing to take over their payments, this should have been discussed with the lender to get you approved to do so and get it out of their name and into yours. Since you didn't, and the vehicle remains in their name, yes indeed they can wait until you get it paid off, thank you for making their payments and take back their (emphasis on "their") vehicle.
If you don't have good credit (which you seem to say by your "working on my credit" comment) they may reject you as a new buyer for the vehicle.
No, a bill of sale will do you absolutely no good, since the owner of the vehicle is the car lot, and the person you got it from had no right to assign their interest in it without the permission of the legal owner.
Discuss this with the lot to see what, if anything, can be done. If you can't do it right, walk away before you lose any more money on this deal.
2007-06-29 04:07:14 · answer #1 · answered by oklatom 7 · 0⤊ 0⤋
You are in a mess. Since your friend signed the note and the "buy here, pay here" place has the title, your friend could not legally sell the vehicle. He just used you to get out from under it. The holder of the title is under no obligation to put the car in your name. It's unfortunate that your friend took advantage of someone in a desperate situation.
2007-06-29 03:47:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Everything about this decision was foolish. The people you obtained the car from are the registered owners and the bank or finance company are the legal owners. Both can take the car away from you at any time they want.
2007-06-29 03:45:56 · answer #3 · answered by yes_its_me 7 · 0⤊ 0⤋
Unfortunately, you have no legal right to this car. Your friend can come at any time and take the car back. If you want this car, you will need to buy it from the friend and he/she will have to pay off their loan. Think of it this way...you've been renting a car from your friend.
2007-06-29 03:58:32 · answer #4 · answered by Jay P 7 · 0⤊ 0⤋
I would get in touch wiht the bank or whoever teh laon is thorugh and see if it can be transferrd if not I would just give them the car back and get something on your own becasue they can at any moment screw you over and there will be nothing you can do about it.
2007-06-29 04:00:16 · answer #5 · answered by Daveslilangel 3 · 0⤊ 0⤋
no longer in basic terms can they take your vehicle, they are going to sell it. If it does not deliver adequate to pay what you owe, they are able to take you to court docket for the stability besides as litigation expenses.
2016-11-07 19:24:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you want the car, you'll have to get your own loan and pay off the friend's loan. Trust me, you don't want his loan.
2007-06-29 03:59:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
hope you have GOOD friends.They can,at anytime ask for the vehicle back.It legally belongs to them.
You made a bad deal !
2007-06-29 03:25:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋