What is the name of your state? calif. A friend of mine had gotten his car impounded and his family and friends wouldnt loan him money to get it out. So he came to me and asked me if I would loan him One Thousand dollars to get his car out of impound, that he would pay back to me, Two Thousand dollars in return, and that if he didn't pay it back within a certain amount of time, that the car would then be my property to keep. So I accepted that agreement and also included that we bring the car to my house, store it in my driveway,draw up an agreement on paper and both sign and date it. And so I printed up an agreement that specified all the details, brought the car to my house we both signed and dated it. He was to bring me the pink slip the next day, and has not done that, I have been calling him and he does not answer the phone, I have left messeges on his answering phone for him and he won't call back.
My question is "If he does not pay back the money as in the agreement, does the car actually become my property as he stated in our agreement", or did I get ripped off totally because he never brought the pink slip to me as he said he would but never did?
My question is "If he does not pay back the money as in the agreement, does the car actually become my property as he stated in our agreement", or did I get ripped off totally because he never brought the pink slip to me as he said he would but never did?