How to own a car that you hold title to as collateral for a loan
Date: Tue, 05/05/2009 - 13:12
A friend is behind on his loan payments to me and wants to extend the due date. He is willing to give me the title to his truck. My question is, how do I get the truck if his loan is delinquent. I have title, but I don't have the truck.
Is your name on the trucks title as lienholder? If so, repo it.
Is your name on the trucks title as lienholder? If so, repo it.
Simple as that. Hopefully you have some sort of written agreement that states that the truck was being used as collateral for the loan.
In order to take the truck upon default you would have to be a l
In order to take the truck upon default you would have to be a lien holder.
