Legal Question in Real Estate Law in New York

A friend owes me money... .can I hold collateral?

My boyfriend financed a 2000 Jeep Cherokee for me, under which, I made the down payment and have paid all subsequent payments. He is demanding that I give the vehicle back. Am and what kind of money am I entitled to back. The vehicle was purchased 01/03 and I put $500 down and have made 4 payments of $262.48. Also, can I keep the vehicle until he givs me this money, almost as collateral?


Asked on 5/21/03, 2:08 pm

2 Answers from Attorneys
John Friedman Law Office of John K. Friedman

Re: A friend owes me money... .can I hold collateral?

You will need to provide additional details before a useful answer can be given. Did the financing take the form of a personal loan from him to you or did he co-sign a loan agreement with a third-party (such as a bank)? What was the purchase price of the vehicle? What were the terms of the loan? Did he pay anything towards the vehicle at any time? In whose name is the vehicle registered? Who's paying the insurance? At whom's address is the vehicle registered?

Once these questions are answered additional questions might be necessary. But until you get solid legal advice, I'd hold on to the vehicle until a court orders you to do otherwise.

Feel free to contact me further if you wish.

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Answered on 5/21/03, 2:23 pm
Arnold Nager Arnold H. Nager, Esquire

Re: A friend owes me money... .can I hold collateral?

You don't set forth enough facts to give you a proper answer, but the advice given you by Lawyer Friedman sounds right to me.

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Answered on 5/21/03, 3:51 pm


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