Private Investigations and Personal Security/can I get my truck back?
Hi! Hope you are doing well today!
Here is my situation:
I live in Indiana. I bought a truck in 2004 for my now ex. His name is nowhere on the financing. He returned it to me last November because he couldn't afford pmts. My brother took it with him to Texas and we have an agreement that he is to make the payments. Now, he is 2 months behind on the pmt and unemployed. I told him I wanted it back so I can continue paying on it. However, he has told me that he will not give it back to me. It was registered last year in his name in Texas and it is insured with his and his wife's insurance. I know the registration has since expired and he needs a letter from me stating his intent to purchase it from me to get the registration. All I want is to get this truck back. Do you have any suggestions for me? Thanks for your time!!
My sincere apologies for not answering your question sooner. This website doesn't have a "vacation" response to questions, it seems.
While I admit I am not a lawyer in any sense of the word, I will attempt to answer your question to the best of my knowledge.
Generally speaking, ownership of the vehicle is with the lending institution whom the loan is under. They have the title to the car. Thereby, everybody you've been dealing with has no legal right to "own" the car. Should the payments continue to fall behind and the vehicle gets repossessed, the bank will hurt you for it, nobody else (I'm assuming if you bought this for an ex you're the primary debtor on the loan).
The agreement you have, whether it be verbal or written, is seen as a binding contract in the legal system. An arrangement was made in regards to useage of a consumer product (i.e., the truck) with terms specified out. One party has failed to meet their obligations and thereby the agreement is voided and the truck should be returned.
I would think you have to options: 1) collect the purchase money for the value of the truck from your brother and re-negotiate the loan over to him, thereby clearing you of the loan and making him the primary debtor, or 2) Consult a lawyer and explore your legal options in court. With you as the owner of the loan, I would think you have no problem in reclaiming the truck through legal channels.
Hope I could help!