Private party auto finance?

Question

i have financed a car from a friend of mine for a price of 3000. i have a contract that says "i joe blow am buying a 97 bmw 740i from steve whocares for 3000. first 2 months will be 150 per month. then 300 per month. cash paid of 100 on 6-17-08 steve will hold pink slip till paid in full" we both signed and dated it.. now his mom is pissed she wants the car back . as far as i see she is not on the car.. reg is in his name only.. NO LEIN HOLDER . i dont want to give it back .. what can i do . what would happen if this went to court. she says the cat is hers but her name is not on it.. please any advice would be greatly appreciated. thank you..

Answer 1

By Pink Slip I assume you are referring to the Title of the car.

You have not mentioned weather she's on the title/Pinkslip or not. In some states the registration is issued to the person whose name appears as 1st on the Title. What if she's listed as 2nd owner or co-owner on the title ? It would have been all nice if you had the title transferred to your name with other guy as lien holder on the Title.

Now assuming that she's not Co-Owner and not on the registration, She does not have a leg to stand on. However essentially you are driving the car on his registration, in other words you are driving a car loaned to you by that guy. So you don't have much to stand on. But that piece of paper that you have gives you a bare toehold.

Driving without your own registration is frowned upon. The other guy could get in trouble for illegally renting his car. At the end of the day, that's how it can be called since your contract was not notarized.

Bottom Line - You are not in good shape but she does not have a leg to stand on. I'd do whatever it takes to transfer the registration in my name. If that means transferring the the title in your name so be it. Let him hang on to the title after being transferring to your name.

Answer 2

you can try this source http://www.moneytoride.com/ may this could help you out.

Answer 3

even though her name is not on registration she can still be an owner of car.