Legal Question in Credit and Debt Law in Texas

Buying a car from a friend

2 years ago...a freind gave me his truck if I would take over the payments...Now that I'm 4 payments away...he wants me to pay the remaining 4 months next week or he says he is reposessing the truck. I've been paying the loan directly to Ford Motor Credit and haven't missed any payments. We have no written agreement...just verbal two years ago. What rights do I have?


Asked on 2/09/07, 4:29 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Buying a car from a friend

Damned few! The truck is in his name, so he's the legal owner. Your verbal agreement violates the statute of frauds which requires a sale over $500 to be memorialized in writing.

If he repo's the truck you have a lawsuit against him for the money you spent, but it will be a tough fight.

Read more
Answered on 2/09/07, 4:54 pm


Related Questions & Answers

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