Need Help soon!

What is the name of your state?UT

My husband took out a car loan in his name about a year and a half ago for his friend because he could not qualify because he is an idiot. The vehicle is a lease and is registered in the friends name and the loan is solely in my husbands name. Well, recently the "friend" hasn't been making the payments on time or sometimes not at all and we are taking the vehicle so it doesn't get repoed. My question is, is there some kind of form or action that can be taken to regain some of the payments back? The friend has verbally agreed to pay the negative equity from the vehicle to my husband. He has also agreed to sign some kind of contract between them. Is a demand promissory note sufficient for this kind of situation? Or, does a lawyer need to be involved? Any help would be great!

If he is an idiot why did you help him buy a car? If a multi billion dollar financial institution won't loan him money, what makes you think he will pay you back?

If you have an agreement take him to court-but the burden of proof is on you. Something in writing would be beneficial. You are still liable to the bank.

Good luck...

I would personally write this idiot friend off. Press him to pay everything that is owed. Tell your husband that the next time the does something as stupid as this he might need to find another wife. You are a team and these knid of decisions need to be made together. Something in writing should of been done before any money was exchanged and I would of asked for him to sign over something of value of his that would be worth something close to the value of the car and a contract signed. This would not be a friend of mine anymore.

we are taking the vehicle so it doesn't get repoed.

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I hope the "friend" is cooperating, because based on what you have written, you and your husband have NO right to possession of the car. The person who holds the title -- the friend in this case -- is the one entitled to possession. Your husband is only entitled to pay for the car, so that he can avoid getting his credit destroyed... If you were to go over and simply "repo" the car yourselves, the friend could report the car as stolen. Now, if you or your husband's name is ALSO on the title, then you would have a right to possession -- but that's not what you wrote.

My question is, is there some kind of form or action that can be taken to regain some of the payments back?

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Small claims court if the amount is under the limit in your state. Otherwise you'll have to go to regular court -- and that means a lawyer...

The friend has verbally agreed to pay the negative equity from the vehicle to my husband.

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Better get it in writing, signed by the firend.

He has also agreed to sign some kind of contract between them. Is a demand promissory note sufficient for this kind of situation? Or, does a lawyer need to be involved? Any help would be great!

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Any signed document that states who is to pay what to whom, and how much, and in what time frame, and what for, signed by the firend, should be sufficient to protect your rights in the inevitable later court case.

If a multi billion dollar financial institution won't loan him money, what makes you think he will pay you back?

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Now THAT's a question that begs an answer!

hagga said:

What is the name of your state?UT

My husband took out a car loan in his name about a year and a half ago for his friend because he could not qualify because he is an idiot. The vehicle is a lease and is registered in the friends name and the loan is solely in my husbands name.

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My response:

And whom did you say was the "idiot"?

From the above recitation of facts, it certainly doesn't sound like you could be talking about the "friend".

IAAL