Since I signed a car loan for a friend so I’m the only one on the title, if they have stopped paying can I report the car as stolen or can I repossess it?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Since I signed a car loan for a friend so I’m the only one on the title, if they have stopped paying can I report the car as stolen or can I repossess it?
Asked on May 8, 2012 under Bankruptcy Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are on title to the car that you signed the loan for a friend to get, you are entitled under the law to have possession of the vehicle since the loan is not being paid for by the friend. I suggest that you begin making payments on the loan in that if you do not, the car will be repossessed by the lender, auctioned off and you could be responsible for a deficiency judgment.
Reporting the car stolen if it is not would amount to the filing of a false police report. You cannot repossess the car because you are the registered owner of it not the lender. You are entitled to possession of your car. I would ask the friend to deliver it to you.
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.