More details to this question:
HI i was wondering if you guys will be able to help me with my situation. i signed for a car for a friend i know dumb. well he paid two years good then the last year he got behind by two months and is constantly late. He never answers my call and just deposit it between 3-7 weeks late. I took the car and now hes threatening to sue for the amount hes already paid for the car. Could he do that am i stuck please need legal help if you can could you pleases point me to someone who can.
1 ANSWER
R. Christopher Reade
Your situation is a very common one. Based upon the depreciating value of the automobile, while your friend could possibly sue, to the extent that there is still an outstanding balance on the auto loan, chances are not great that your friend would be able to demonstrate that he created any equity in the automobile.
Answered on Aug 30th, 2013 at 4:50 PM