Since I signed a car loan for a friend so I’m the only one on the title, if they have stopped paying can I report the car as stolen or can I repossess it?

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Since I signed a car loan for a friend so I’m the only one on the title, if they have stopped paying can I report the car as stolen or can I repossess it?

Asked on May 8, 2012 under Bankruptcy Law, Wisconsin

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are on title to the car that you signed the loan for a friend to get, you are entitled under the law to have possession of the vehicle since the loan is not being paid for by the friend. I suggest that you begin making payments on the loan in that if you do not, the car will be repossessed by the lender, auctioned off and you could be responsible for a deficiency judgment.

Reporting the car stolen if it is not would amount to the filing of a false police report. You cannot repossess the car because you are the registered owner of it not the lender. You are entitled to possession of your car. I would ask the friend to deliver it to you.


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