lillmama31
Junior Member
Hawaii
My husband and I recently bought a car from an ex-coworker of his. Since we didnt get approved for a $25,000 loan his ex-coworker suggested we give him $8000 and take over his loan. We bought the car Nov 4 2006. Since then we've been callin this guy at least three times a week to get a notary stating that were taking over his payments or go to his bank and apply for a loan to pay off his loan so the loan for the car can be under our name. He's been giving us the run around. We took the car in to the shop to get an oil change comes to find out there's a sludge in the engine. After that day the car's been acting up so now we have to get a new engine. We took the car to the dealership but cant get it fixed because the car is not under our name. So we called the guy up again saying we need to get the paperwork done. And we told him if he doesn't meet up with us soon were not going to make a payment to his loan. he told us "well thats up to you guys because im not going to take the car from you the bank will." So we missed December's payment and he still doesnt want to meet up with us.
My questions are:
1. Can we just give him the car back and sue for the $8000 we gave him?
2.If the bank repos the car, can he sue us for the amount of the loan eventhough there is no paperwork saying we bought the car from him?
3. What other options can we do?
My husband and I recently bought a car from an ex-coworker of his. Since we didnt get approved for a $25,000 loan his ex-coworker suggested we give him $8000 and take over his loan. We bought the car Nov 4 2006. Since then we've been callin this guy at least three times a week to get a notary stating that were taking over his payments or go to his bank and apply for a loan to pay off his loan so the loan for the car can be under our name. He's been giving us the run around. We took the car in to the shop to get an oil change comes to find out there's a sludge in the engine. After that day the car's been acting up so now we have to get a new engine. We took the car to the dealership but cant get it fixed because the car is not under our name. So we called the guy up again saying we need to get the paperwork done. And we told him if he doesn't meet up with us soon were not going to make a payment to his loan. he told us "well thats up to you guys because im not going to take the car from you the bank will." So we missed December's payment and he still doesnt want to meet up with us.
My questions are:
1. Can we just give him the car back and sue for the $8000 we gave him?
2.If the bank repos the car, can he sue us for the amount of the loan eventhough there is no paperwork saying we bought the car from him?
3. What other options can we do?