What canI do ifI was financing anRV for my friend through my bankbut he stopped paying and wants to sell the RV?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What canI do ifI was financing anRV for my friend through my bankbut he stopped paying and wants to sell the RV?
I purchased an RVfor $12,500 through my bank for a friend with bad credit. We have a contract he wrote but it did not include any interest and I feel he is still a little short on the principal too. We discussed adding the interest but he said he would pay me in the end in good faith but now he decided he will not pay since he is mad at me for another issue and is threatening me and has the RV for sale on craigslist now. I have the title still and it is in my name but he wants to sue me for the title. He still owes me about $2500 for 2 years interest. Is there anything I can do to collect?
Asked on February 29, 2012 under Bankruptcy Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You might be able to sue to collect but keep in mind what you did could be considered fraudulent, especially if he has been driving it and the title is in your name. If he ever got into an accident, you would have been sued just as much as the other person. At this point, you can sue but you should also consider whether you live in a friendly repossession state. If you do, you might be able to simply just hire a tow company to repossess the vehicle for you since the title and loan are in your name. In essence, you are letting him drive your car and further, he has no right to place it on craigslist since he doesn't have and won't have clear title to sell.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.