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Personal Loan matters

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carla28s

Member
What is the name of your state (only U.S. law)? CA
My car was impounded. I received a personal loan from a friend of a friend (Alex) & got my car out of impound. Written Contract stating I agree to pay Alex the amount of $2,400 within 30 days. After leaving the impound yard he told me he also wants the car to stay at his shop along with the pinkslip until I paid him back. I went to pay him but was 4 days late. A coworker at the shop told me my car is gone that Alex sold my car & was in mexico. What are my options if Any? ty
 


Antigone*

Senior Member
What is the name of your state (only U.S. law)? CA
My car was impounded. I received a personal loan from a friend of a friend (Alex) & got my car out of impound. Written Contract stating I agree to pay Alex the amount of $2,400 within 30 days. After leaving the impound yard he told me he also wants the car to stay at his shop along with the pinkslip until I paid him back. I went to pay him but was 4 days late. A coworker at the shop told me my car is gone that Alex sold my car & was in mexico. What are my options if Any? ty
Did you sign the pink slip over to Alex? So why were you late? What makes you think he shouldn't have done what he did, you did not live up to your end of the bargain.
 

antrc170

Member
What is the wording in the written contract for the loan repayment? How was the car sold without the title?

If there is nothing in the loan document detailing late penalties or fees then you are in breach of the contract and Alex could sue you for repayment.

Unless the loan documents states that the vehicle is to be used as collateral for the loan, Alex has no more right to sell the vehicle than I do. File a police report for stolen property.

If Alex is in Mexico, there isn't much that is going to happen until he gets back to the US, if he ever does.

If the car was used as collateral, then things change a little. The lender (Alex) still has to repossess the car from you with an order allowing him to do that.
 

Antigone*

Senior Member
What is the wording in the written contract for the loan repayment? How was the car sold without the title?

If there is nothing in the loan document detailing late penalties or fees then you are in breach of the contract and Alex could sue you for repayment.

Unless the loan documents states that the vehicle is to be used as collateral for the loan, Alex has no more right to sell the vehicle than I do. File a police report for stolen property.

If Alex is in Mexico, there isn't much that is going to happen until he gets back to the US, if he ever does.

If the car was used as collateral, then things change a little. The lender (Alex) still has to repossess the car from you with an order allowing him to do that.
If she signed the title over to Alex she is no longer the owner.;)
 

carla28s

Member
personal loan matters

the wording in the written contract for the loan repayment was: I _____(myself) agree to pay ____(Alex) in the amount of $2,150 plus $250 interest by ____(date)
and we both signed.
 

jamewingood

Junior Member
personal loan matters

I am not an attorney, but I do know that he can not sell your car without your signature on the pink slip, are you sure that you did not sign it over to him until he received your payment?
 

Zigner

Senior Member, Non-Attorney
I am not an attorney, but I do know that he can not sell your car without your signature on the pink slip, are you sure that you did not sign it over to him until he received your payment?
Really?
So, you've never heard of somebody forging a signature?
 

jamewingood

Junior Member
personal loan matters

I would go to my local sheriff's office and speak to someone about getting a warrent for his arrest, he will be really surprised when he comes back to the States and finds out that he is being arrested for grand theft auto. I had car dealership sell my car before I signed the paperwork for my new car, I changed my mind about purchasing the new car and the dealership had to buy back my car from the person that they sold it to, because I had never signed over the title. This happened in Va. I would go and find out if you can get an arrest warrent out for this Alex person. It would not hurt to try. I would not consider him a friend in the future.
 

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