Legal Question in Consumer Law in Florida

ownership

i traded in my truck worth $2500.00 as a trade in. the new truck was approved but the payments were high. the dealer told me to find a friend that has a better credit rating and he will bring the payment down. my friend signed but now the registration is in their name. i went to get insurance but could not because of this. i can get a better rate. i have made every payment and my friend told me that they own the truck and can take it from me at anytime if they want? can this be done??


Asked on 2/29/08, 4:18 pm

2 Answers from Attorneys
Tonia Troutwine, Esquire - Troutwine Law Group. LLC

Re: ownership

Legally they are restricted by the terms of the contract that more often than not is drafted in their favor. You should try to work with the finance company to transfer the loan solely to your name or seek finacing from another company that will pay off the loan and secure the financing solely in your name at the rate you are seeking and pursuant to the terms of your existing contract.

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Answered on 3/03/08, 10:34 am
Tonia Troutwine, Esquire - Troutwine Law Group. LLC

Re: ownership

Legally they are restricted by the terms of the contract that more often than not is drafted in their favor. You should try to work with the finance company to transfer the loan solely to your name or seek finacing from another company that will pay off the loan and secure the financing solely in your name at the rate you are seeking and pursuant to the terms of your existing contract.

Read more
Answered on 3/03/08, 11:28 am


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