Legal Question in Credit and Debt Law in Texas
My wife and I financed a friend of ours to buy our car. The finance company needs voice verification from his insurance agent that he has full coverage insurance. He hasn't done that. Now the finance company appointed there own insurance and added it to the car note. Since our friend has not shown any effort to resolve this problem can my wife and I legaly take the car back?
1 Answer from Attorneys
You will likely have to sue your friend. The real question is who has their name on the title of the car as well as who physically possesses the title. If you own the title, you have far more rights. If you do not, you probably have a civil action against the friend. As I tell my clients... never and I mean never finance anything for anyone else. While I understand you do this with the best of intentions, there is a finance company for nearly anybody and if they are one of the few that do not... you really do not want to be the one.
Best of Luck
Greg Wiley
www.dallas-fortworth-bankruptcy.com
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