QUESTION
Is it against the law to take someone else’s loan from the bank and then pay it off immediately and then sell the car after for a profit?
Asked on Feb 19th, 2013 on Bankruptcy - North Carolina
4 ANSWERS
Michael J. Breczinski
Not without their permission to do that.
Answered on Feb 20th, 2013 at 9:16 PM
Domestic Violence Attorney serving Orange, CA
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Law Office of James Gandy
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This question is unclear and I am uncertain of the answer ultimately, no one may be able to answer this question. It is possible that you acted within the law - so long as you had consent from the person who owned the car (the original person with the loan). If you did this without their consent, however, it is probable that your actions were criminal.
Answered on Feb 19th, 2013 at 11:26 PM
When a person does not own something, takes it from the rightful owner with the intent to permanently deprive the owner of the property, the person has committed larceny.There are various statutes to cover various types of larceny. But your description sounds like larceny.
Answered on Feb 19th, 2013 at 11:08 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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It is not against the law to pay off someone else's loan but it is to attempt to sell their car. Since the title is presumably in the other person's name, you would need to get them to participate in the sale or you would have to forge their name. The later is obviously a crime.
Answered on Feb 19th, 2013 at 11:06 PM