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Lien or loan on vehicle

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ghindy

Junior Member
What is the name of your state (only U.S. law)? Indiana.
I want to use my vehicle as collateral with a family member so I can borrow some money from them. Is there any way I can do this and have them hold the title and still keep the vehicle in my name until I pay back the loan. I also want to make sure no one else can take the vehicle if something happens except the person I borrowed the money from.
 


cyjeff

Senior Member
You can always (and I recommend it strongly) document the exact nature of the loan, the collateral (your car), the payment terms and the penalties for late or missed payments.

This protects you BOTH.

There are several excellent sites online that can provide "fill in the blank" type forms.
 

ghindy

Junior Member
What do I have to do to put this person on the title as the lien holder without going to court. I just want to let them be the lein holder until I pay them back, and not get stiffed if something happens that I can't pay them back. Can anyone else try to put a claim against the vehicle if it already has a lien on it?
 

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