How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JB Umphrey Your Own Question
JB Umphrey
JB Umphrey, Attorney
Category: Legal
Satisfied Customers: 20233
Experience:  Explains legal matters based on 14+ years experience.
14211116
Type Your Legal Question Here...
JB Umphrey is online now
A new question is answered every 9 seconds

I HAVE LOANED $21,000 TO MY FRIEND IN COLORADO AND RECEIVED

This answer was rated:

I HAVE LOANED $21,000 TO MY "FRIEND" IN COLORADO AND RECEIVED TITLE OF HIS CAR, 2006 PORSCHE CAYMAN AS COLLATERAL. HE DOES NOT PAY BACK THE LOAN. WHAT IS RHEW NEXT STEP?
ARTHUR ZAWODNY SCOTTSDALE AZ

Thank you for using JustAnswer!

 

Did he sign the title to the car over to you?

Customer: replied 7 years ago.
He signed off as seller but buyer's name is vacant
Do you have a written contract with him relative to the loan?
Customer: replied 7 years ago.
I had but, cannot find. I have letters, and e-mails send to him, but no written reply, just BS from him by phone. I have witness who can confirm the loan
What's his line of BS?
Customer: replied 7 years ago.

HE TRIED IN VAIN TO SELL THE CAR, ASKING $36,000; HIS HOUSE IS ON THE MARKET. ALL THIS IS TRUE. I ADVERTISED HIS CAR ALSO IN ARIZONA BUT IN VAIN

How can you be certain that he still has the car?

Customer: replied 7 years ago.
YES, YES ,YES! JOHN, MINE AND ALSO HIS FRIEND, CONFIRMS
Does he owe any money on the car or is it paid in full?

Edited by JB Umphrey on 2/1/2010 at 1:19 AM EST
Customer: replied 7 years ago.
PAID IN FULL.TITLE WAS RELEASED FROM BANK AFTER HE PAID OFF THE BALANCE

Then, finalize the title, go to your local MVD to see if you're going to see a bill of sale to transfer the title in your name (e.g., http://mvd.azdot.gov/mvd/FormsandPub/viewPDF.asp?lngProductKey=792&lngFormInfoKey=792 )

, and arrange to transport the car back to your place.

 

Good luck and best wishes. I hope that you find this information to be helpful and this answer to be ACCEPTable!

Customer: replied 7 years ago.

THANK YOU FOR YOUR ANSWER

GOOD JOB!!!

You are most welcome. Safe travels!

JB Umphrey and 5 other Legal Specialists are ready to help you