Legal Question in Credit and Debt Law in Illinois

Buying a car for a friend

If I put a vehicle in my name with the agreement that the other person make the payments, what legal recourse do I have if they default on those payments? If I have to sell the vehicle can I sue them for the depreciation if it is far beyond normal for the length of time that they have had possession?


Asked on 7/15/07, 9:36 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Buying a car for a friend

As a general rule, you shouldn't buy a car for a friend, if it's going to be in your name, your credit is going to be hurt if they fail to pay. You will be liable. But if you are going to do this, make sure to have a written agreement with your friend for the loan amount, then you should have a cause of action for the entire amount owed at the time of default.

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Answered on 7/16/07, 2:40 am


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