Legal Question in Credit and Debt Law in Massachusetts

Car Loan

I co-signed for a car loan for a friend and I payed the bill each month and he would then give me the money. I did this in order to ensure that the payment would be on time and would not affect my credit rating. He has not payed me the money he owes me for the last two months. The car is insured and registered in his name. I am only on the car loan. I am wondering how I should handle this situation. He has disappeared with the vehicle and I am not sure where it is. What are my legal rights to the vehicle? Could I call to report is stolen?


Asked on 9/23/08, 2:59 pm

2 Answers from Attorneys
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: Car Loan

You certainly have the right to bring an action to recover the monies due and owing on the loan. Generally speaking and absent contrary circumstances, a person who has lawful title and possession of a vehicle cannot commit larceny on his/her own car. Please feel free to contact me direct for a free intitial consult based upon the facts of your specific situation;)

Read more
Answered on 10/06/08, 11:02 am
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

: Car Loan

You are merely the guarantor on the loan, but apparently without an ownership interest in the car. If the name is on the registration - it is not stolen. At best you can file suit to recover the money owed or to be owed.

Read more
Answered on 9/23/08, 5:47 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Massachusetts