auto loan

[eica]

I took out an auto loan for a friend. My name is the only one on the loan. His name is on the liscence and registration. Problem is that he has stopped paying. Can I take the car from him and sell it even though the liscence and registration are in his name?

 

[seniorjudge]

Q: Can I take the car from him and sell it even though the liscence and registration are in his name?

A: No; it's not your car. Sue him for the balance of the loan.

 

[eica]

can i sue for more then just the balance left on the car. like the fact i've made payments and then when i no longer could its taken a toll on my credit score and now i have horrible credit?

 

[seniorjudge]

Q: can i sue for more then just the balance left on the car. like the fact i've made payments and then when i no longer could its taken a toll on my credit score and now i have horrible credit?

A: No, you can sue only for the dollar amount of direct and actual damages. But, hey, ask for the farm...settle for a goat.

 

[fmutia]

Hi, I had an auto loan with a financial institute for about 14 months and never had a late payment of my monthly dues. I finally traded the car in and the got a new one. The dealership had to payoff the loan for the car, which they did. They sent a check to the financial institute and it some how got missen after they had confirmed they had the check. The dealership had to send another check which went through this time. After a short while I checked my credit report and noticed my credit score was way down because this financial institute had reported a late payment. I tried disputing the issue with them but they did not want to resolve it so now I have a bad credit.
Please, what can be done in this case?