Legal Question in Credit and Debt Law in California
Collecting personal loan monies
I took out a 5 year car loan for a friend using the car a the collateral. The verbal agreement was that they make all pymts to the credit union. I had to pay that loan off the loan to buy a house and have the title to the car. I have asked that they sign a promissory note for the remaining balance of $6,200.00. They have not responded and I have not recieved a pymt in 2 months. What are my legal rights to the car or any suggestions on how to proceed with collecting this debt owed?
1 Answer from Attorneys
Re: Collecting personal loan monies
If the car is technically yours, you can sue for what they promised to pay you and levy on the car if you win. However, if your goal is to get paid, you may want to give them a certain amount of time to pay you off, and then sue if they don't make arrangements to do so. Then, either way, you're done dealing with them. Be practical, with your desired end result (payment one way or another) in mind.
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