What is the name of your state (only U.S. law)? NC
So I know they say never loan money to a friend but silly me did it anyway. I did have us both sign a contract for the $1000 dollar loan and it states in the contract payments will be made bi-weekly in the amount of $250 and if 2 payments are missed I can take possession of the car. My friend gave me the title to hold but did not sign it over to me. We only signed the contract for the repayment. I have not received any payments and I found out they traded the car 2 weeks ago. I am assuming they did it by filing a lost title. What are my options?
So I know they say never loan money to a friend but silly me did it anyway. I did have us both sign a contract for the $1000 dollar loan and it states in the contract payments will be made bi-weekly in the amount of $250 and if 2 payments are missed I can take possession of the car. My friend gave me the title to hold but did not sign it over to me. We only signed the contract for the repayment. I have not received any payments and I found out they traded the car 2 weeks ago. I am assuming they did it by filing a lost title. What are my options?