where do I stand

[kennymeek]

Hi there,
please forgive me if I am posting in the wrong place.

I bought a car from a friend we both signed a contract I have stuck to the terms and conditions and have now been informed that he still has two years finance still outstanding on the car.
Where do I stand if he stops making payments on the car can they reposses it from me.

any help or advice would be great.

 

[seniorjudge]

US Law ONLY!

 

[kennymeek]

what kind of advice is that to anyone.....

US Law ONLY!

 

[Antigone*]

No one can give you any valuable information if we don't know what state you are in. The laws vary. In the event you are not in the U.S., we won't give you advice at all.

Just off the cuff, you should know that you've put yourself is a really poor position.

 

[msiron]

The RULES of this forum are specific and obvious.... you must include your state.

If he owes an AUTO loan he could not legally sign the car over to anyone and it would not belong to you. If he took a personal loan thats a different story.