Verbal agreement for loan for car now defaulted

[bdmetro]

What is the name of your state?What is the name of your state? NJ

I loaned someone $25,000 for the purchase of a car, this was verbal agreement, and the agreement said that the loan was interest free and only payable on demand by me. This was an agreement due to having a relationship with this other person. After 2 years, the relationship eneded and I asked for the payment of the loan or the fair market value of the car or the car returned to me. The other party refused any such payment. I have a cncelled check to prove the payment made to the other party. Please tell me what my recourse is to this.

 

[tijerin]

well, you could always sue him/her. short of getting guido to cap his knees, that's your only recourse unless the person willingly pays you or returns the car. (assuming your name isn't anywhere on the car's title or on the loan documents showing you as part owner)