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Loaned someone money to purchase car

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newenglandguy

Junior Member
This question in this scenario is based in New Hampshire. Loaned someone money to purchase car, and put the fact that the loan needed to be paid in two years in the loan agreement or the car was being held as collateral against the loan . I did not put a lien on the title, and the person who I loaned the money to has their name on title. Does the loan agreement (promissory note) still allow me to go to small claims court and get car back, as the individual has only made two payments in last two year.
 


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sandyclaus

Senior Member
newenglandguy said:
This question in this scenario is based in New Hampshire. Loaned someone money to purchase car, and put the fact that the loan needed to be paid in two years in the loan agreement or the car was being held as collateral against the loan . I did not put a lien on the title, and the person who I loaned the money to has their name on title. Does the loan agreement (promissory note) still allow me to go to small claims court and get car back, as the individual has only made two payments in last two year.
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It's doubtful that the court would order the car returned to you, especially since there is no lien on it at this time. What they CAN do is use the promissory note to secure a judgment against the buyer for the unpaid balance on the loan. As part of the collection process, you might place a lien on the vehicle to prevent it's sale before the judgment is paid off.
 
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