Home > Research Legal Advice > Contracts / Agreements > Can i legally repo a car i financed for a friend if our oral agreement i...
Asked almost 3 years ago - Los Angeles, CA
FlagI financed a car in my name for a friend. We made an oral agreement that thehperson would make the car payments and the insurance payments. The car payment is now 3 months behind and i have been paying the insurance for the last 3 months. I have to make a payment on the car to aviod the car being reposessed. Can i legally take this car r back from this person?
No, not unless you have an agreement with a security interest in the car and you exercise your right under that security agreement. If not, you have to sue your friend for reimbursement of the unpaid payments.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
Don't speak legalese? We define thousands of terms in plain English.
Browse our legal dictionary