Asked 6/15/2010
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Can i sue for the money i invested? Me and my cousin got a notarized letter for a 2004 Chevrolet Silverado that was under his name. He was gonna give it back to the dealer but i asked if i could take over the payments until the truck his paid off, which will then be placed under my name. Which sounded good at the time since i didn't have a car. So we got a notarized letter agreement between us that i am fully 100% responsible for the truck as is. And that the only way the truck will taken or given back was if i was late or wasn't making full payments. In which i was on time and made all my payments in full. He recently fillied bankrupt and put the truck under his bankruptcy which then left me without a car. I invested close to $7,000 in car I thought was gonna be mine. Excluding insurance and maintenance to the vehicle. I also gave him $700 for the rims and accessories in the truck. I gave the truck back and i am without a car now. Can i sue for the money I invested into a car i thought was gonna be mine? |
Answer 1/6 - Submitted 6/15/2010
Answer 2/6 - Submitted 6/15/2010
The only way you have a claim to the vehicle is if you two had your name added to the loan paperwork. If you made payments to the lender with a check, you might be abe to swing a deal with them without your brother's name by showing you were able to amke proper and timely payments. A lender would rather have the money then the truck but honestly the only thing you can so now is chalk it up to experience or short sheet your brother's bed.
Answer 3/6 - Submitted 6/15/2010
The real problem here is that he will be allowed to keep the truck if filing chapter 13. He will still have to pay it but it will be alot less. You may have to see how this plays out and then sue him for ownership of the truck.. This is a good one. he let you pay most then he files bankruptcy on the rest.. Under chapter 13 he would be paying much smaller amounts.
Answer 4/6 - Submitted 11/12/2010
Answer 5/6 - Submitted 11/12/2010
Your brother wouldn't be allowed to give the truck debt preferential treatment and be left out of his bankruptcy filing. Now you know that when you are buying a vehicle, you should get your own loan and not simply assume someone else's. Don't pay for things you don't have a legal standing in.
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