NO CONTRACTS JUST A HAND SHAKE AND ME SIGNING THE BACK OF TITLE. I HAVE PAYED 200.00 BUT IM LATE ON OUR AGREEMENT AND I HAVE BEEN TOLD BY A FRIEND HE IS GOING TO COME GET MY CAR. I HAVE NOT RECIVED ANYTHING IN MY MAIL ABOUT MY CURRENT SITITUATION AND HE ISB NEVER AVAILABLE WHEN I HAVE CALLED TO WORK OUT THIS. PLEASE HELP
Well, it was probably a contract, even though it wasn't in writing. That's some interest rate you are paying there. 480%? Do you know if the title was actually transferred?
I can't address Georgia law on this subject, but in California that interest rate charged by a private party would violate our usury laws. Georgia may have similar usury law limits on the interest rates that private parties can charge. In other words, that rate may be unenforceable. A court might say you only have to repay the $500 or perhaps $500 plus a reasonable interest rate.
Did you actually sign your title over to your friend? If he or she refuses to transfer title back to you, you're going to have to either "lawyer up" or bring this as a small claims action, depending on the dollar limit for small claims actions in Georgia.
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Signing the back of the title, depending on where you signed, may have given him ownership of the car. Show a lawyer a copy of the back of the title to determine what you actually did.
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The others are right, high interest and your friend may now own your car. If you just gave him the right to a lien on title, you could list him as a creditor in a bankruptcy and pay him off at a better interest rate and at your pace. As Mr. Ashman said, take the title to a lawyer to see what you actually did. Also, having the title in your possession is very helpful. If you friend has it, you may have a problem.
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