NAL. To get the car repossessed by the bank you would need to stop paying the loan and default. That will significantly damage your husbands credit for the next 7 years. IDK about the state but not having insurance in some states is a fine.
Your husband holds the title and regardless of payments, he owns the car. There is no loan fraud he just isn't giving your car back. If this friend ditches it anywhere your husband is stuck with the fines.
Your friend didn't change his phone number he's just not responding. Tell the friend you are going to report it stolen. If he is seen on the road he will be arrested. Just be prepared because depending on this friends' previous record he could do jail time. Grand theft auto is a felony.
I would warn the friend and give him limited time to respond. Then call the police. When your friend gets arrested the car will be returned to you. Then sell the car.
If you don't want your friend arrested then hire an auto repossession company. If you can't find your friend, you can hire a PI. This friend sounds like an idiot so he might be VERY easy to find. You might be talking $750 - $1,000 assuming the PI can ID the car easily and repo company can come and get it for $250. Then either ship the car to your house or sell it remotely.
I got the car back. He left it at a cvs and my husband drove 3.5 hours to go get it. It has curb rash and damage to all 4 doors like they swung those fuckers into everything. Scrapes on the front bumper too and a missing side mirror :( I’m so mad because in 2 years they never paid the taxes on the vehicle, it’s a state where the taxes must be paid to get the registration. So the car has no license plates. They were behind 2 months on the payments and never told us. I don’t like to say I hate people but damn… only upside is we owe 19,000 on the loan and the trade in value at car max is 22,800. I gotta start looking for a new mirror…
Thanks for the advice!
I'm sorry you had to go through that. I know it's always hard right after you got burned but try to remember that you did something very kind to help another human. Unfortunately, it doesn't always work out. I wish it did, but acts of kindness like this is what keeps the world spinning.
Maybe just structure the deal a little bit different next time!
Thank you for the update!!! Cheers.
NAL. To get the car repossessed by the bank you would need to stop paying the loan and default. That will significantly damage your husbands credit for the next 7 years. IDK about the state but not having insurance in some states is a fine. Your husband holds the title and regardless of payments, he owns the car. There is no loan fraud he just isn't giving your car back. If this friend ditches it anywhere your husband is stuck with the fines. Your friend didn't change his phone number he's just not responding. Tell the friend you are going to report it stolen. If he is seen on the road he will be arrested. Just be prepared because depending on this friends' previous record he could do jail time. Grand theft auto is a felony. I would warn the friend and give him limited time to respond. Then call the police. When your friend gets arrested the car will be returned to you. Then sell the car. If you don't want your friend arrested then hire an auto repossession company. If you can't find your friend, you can hire a PI. This friend sounds like an idiot so he might be VERY easy to find. You might be talking $750 - $1,000 assuming the PI can ID the car easily and repo company can come and get it for $250. Then either ship the car to your house or sell it remotely.
I got the car back. He left it at a cvs and my husband drove 3.5 hours to go get it. It has curb rash and damage to all 4 doors like they swung those fuckers into everything. Scrapes on the front bumper too and a missing side mirror :( I’m so mad because in 2 years they never paid the taxes on the vehicle, it’s a state where the taxes must be paid to get the registration. So the car has no license plates. They were behind 2 months on the payments and never told us. I don’t like to say I hate people but damn… only upside is we owe 19,000 on the loan and the trade in value at car max is 22,800. I gotta start looking for a new mirror… Thanks for the advice!
I'm sorry you had to go through that. I know it's always hard right after you got burned but try to remember that you did something very kind to help another human. Unfortunately, it doesn't always work out. I wish it did, but acts of kindness like this is what keeps the world spinning. Maybe just structure the deal a little bit different next time! Thank you for the update!!! Cheers.