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Son Borrowed Money

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pbemko

Junior Member
What is the name of your state (only U.S. law)? NJ
My son borrowed money from a friend to buy a car. He started paying him but lost his job. The friend wants the rest of his money or will take the car. what form do we use to release him from the debt. There was not initial contract.
 


Banned_Princess

Senior Member
What is the name of your state (only U.S. law)? NJ
My son borrowed money from a friend to buy a car. He started paying him but lost his job. The friend wants the rest of his money or will take the car. what form do we use to release him from the debt. There was not initial contract.
he gives the car up, the friend gives back the money.

done and done.
 

pbemko

Junior Member
Just sign the title over and that's it? Shouldn't he get a release or something? Even though it was done on a handshake, are there any potential repercussions?
 

swalsh411

Senior Member
He can't just up and take the car anymore than you could steal somebody's TV that you loaned them money to buy.
 

Banned_Princess

Senior Member
thats true, the friend would have to sue your son, if he didn't want to give up the car.


if your son does want to trade the debt for the car, he could just get a simple signed notation from the friend satisfying the debt. I'm pretty sure your son gets the money back he paid for it for some reason.
 

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