Legal Question in Real Estate Law in Florida

I am loaning money to a friend to purchase a car. We have the payment arrangements worked out. My question is should I have the title in my name until the loan is paid? Or does that make me liable for something he may do? The insurance and registration would be in his name. Is that possible?


Asked on 12/23/15, 2:17 pm

2 Answers from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

You want to have a lien on the vehicle and you should hold the title until the payments are made. If your name is on the vehicle you are responsible for it and for whatever happens to anyone else injured as a result of its use.

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Answered on 12/23/15, 3:26 pm
David Slater David P. Slater, Esq.

Not a good idea without receiving a promissory note to repay.

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Answered on 12/23/15, 3:50 pm


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