What canI do ifI was financing anRV for my friend through my bankbut he stopped paying and wants to sell the RV?

UPDATED: Feb 29, 2012

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What canI do ifI was financing anRV for my friend through my bankbut he stopped paying and wants to sell the RV?

I purchased an RVfor $12,500 through my bank for a friend with bad credit. We have a contract he wrote but it did not include any interest and I feel he is still a little short on the principal too. We discussed adding the interest but he said he would pay me in the end in good faith but now he decided he will not pay since he is mad at me for another issue and is threatening me and has the RV for sale on craigslist now. I have the title still and it is in my name but he wants to sue me for the title. He still owes me about $2500 for 2 years interest. Is there anything I can do to collect?

Asked on February 29, 2012 under Bankruptcy Law, Texas


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You might be able to sue to collect but keep in mind what you did could be considered fraudulent, especially if he has been driving it and the title is in your name. If he ever got into an accident, you would have been sued just as much as the other person. At this point, you can sue but you should also consider whether you live in a friendly repossession state. If you do, you might be able to simply just hire a tow company to repossess the vehicle for you since the title and loan are in your name. In essence, you are letting him drive your car and further, he has no right to place it on craigslist since he doesn't have and won't have clear title to sell.

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