NE
My boyfriend "bought" a car from his friend who has/had an outstanding loan through the bank. We have in turn paid his "friend" the full asking price that was on the bill of sale, the car has been registered & insured in my boyfriend's name for close to 9 months. We have 2 problems- 1) my boyfriend usually paid in cash (I was witness to some of these transactions) but has paid by check at least once. 2) His "friend" has basically disappeared and it's been close to a month since we gave him the last payment. Even though the bank or his friend may have the title- do we have any legal ties to it since it's been in our possesion? Can a bank legally come repossess this car if this guy hasn't been paying them? We have put roughly $1700 into fixing problems w/the car- if it goes to court, can we add that to what we paid for the vehicle in the claim? Any help would be greatly appreciated.
My boyfriend "bought" a car from his friend who has/had an outstanding loan through the bank. We have in turn paid his "friend" the full asking price that was on the bill of sale, the car has been registered & insured in my boyfriend's name for close to 9 months. We have 2 problems- 1) my boyfriend usually paid in cash (I was witness to some of these transactions) but has paid by check at least once. 2) His "friend" has basically disappeared and it's been close to a month since we gave him the last payment. Even though the bank or his friend may have the title- do we have any legal ties to it since it's been in our possesion? Can a bank legally come repossess this car if this guy hasn't been paying them? We have put roughly $1700 into fixing problems w/the car- if it goes to court, can we add that to what we paid for the vehicle in the claim? Any help would be greatly appreciated.