Turck

I went to get a new truck and traded my old one for $2500.00. the dealer told me that due to my credit not being so good that my monthly payments would be quite high. he told me to find a friend who had a little bit credit score than me. i did and my payments were lowered some what. now the registration is in their name and so is the insurance. i can not even get insurance at a better rate because they have the registration. they told me that they own the truck and if they want they can take it back? is this possible?

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Answer 1 / 3 - Submitted 631 days ago...

miltonjr

New User (4)

I plan to leave the state for another job and need to know asap!

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Answer 2 / 3 - Submitted 630 days ago...

Liveaboard

Authority (182)

Sure they can, If the title is in your "friends" name, he legally owns it. However he is also responsible for the payments if you stop paying. What you should have done is have the friend co-sign the loan and have everything in your name. Good Luck.

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Answer 3 / 3 - Submitted 630 days ago...

sidelko

Brain (3,269)

Yes, the truck is in his name. and legally, they own the truck. and if they took you to court of it, they would win. at this point you could try and buy the truck from him or something.

liveaboard is right, you should have had them co-sign the loan with you as the title owner, instead of what they did, by putting the title in your friends name.

or. just not had a friend co-sign and pay the higher interest rate.

but at this point, the other things i said no longer apply.

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Turck

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