deleteeeeeeeeeeee

[laptop]

deleteeeeeeeeee

[metalgear2095]

If he sold it what's the problem?

[Ted_v2]

Did he sell it? Or did he allow the friend to continue to pay for it?

He's wrong tho. If he sold the vehicle he should of paid out the nessary loans on it

[laptop]

no well he sold it to his friend and his friend was suppose to continue paying for it but his same friend went and sold the vehicle so now the people who bought it contacted the first guy and they are upset because his name is on the loan ...

[bluestarz9]

a few things to note carefully:
(1) friend screwed him by selling the car as though it was free from encumberances asking full price and accepting that
(2) if friend bought the car for a price less outstanding loan differences then again the friend is a bastard
(3) whenever you have a car with a loan paying, YOU are responsible for paying out said loan.

[brams112]

Crystal ball predict fraud charges.

[iamblessed]

Did he sell it? Or did he allow the friend to continue to pay for it?

He's wrong tho. If he sold the vehicle he should of paid out the nessary loans on it

x2

Sent from my Nexus 4 using TriniTuner mobile app

[iamblessed]

a few things to note carefully:
(1) friend screwed him by selling the car as though it was free from encumberances asking full price and accepting that
(2) if friend bought the car for a price less outstanding loan differences then again the friend is a bastard
(3) whenever you have a car with a loan paying, YOU are responsible for paying out said loan.

preach it bro

Sent from my Nexus 4 using TriniTuner mobile app

[iamblessed]

Crystal ball predict fraud charges.

:shock::shock::idea::idea::idea:

Sent from my Nexus 4 using TriniTuner mobile app

[iamblessed]

Let's see if he is smart to get out of this 1.....op kp us posted na:mrgreen::mrgreen:

Sent from my Nexus 4 using TriniTuner mobile app

[devrat]

You made an "arrangement" with your friend to take the car and continue with the installments. I'm guessing he paid you a deposit and the balance would be the outstanding amount of the mortgage.
Unless this was done with the approval of the Credit Union, which by the way is the legal owner of the vehicle, the responsibility to pay the loan is still yours even if you do not have the car.

[Tucson-anil]

Your friend should take some steps to the nearest defense attorney. It wasn't his car to give to his friend in the first place.

[Ted_v2]

Your friend should take some steps to the nearest defense attorney. It wasn't his car to give to his friend in the first place.

Correct

[src1983]

What he did with the money he received from his friend??

[pioneer]

Poor financial planning, wanting too much and having very little.

friend = OP

OP, you're responsible and the credit union is gonna acquire whatever you used as security for the loan. Good luck.

[pete]

Don't worry OP, the people who had the car when it was reposessed will have to sue your friend's friend for the money, it will take 10 years for the case to be finalised in which time he can just save up the money to pay them back.

Welcome to Trinidad where the justice system is a POS.

[Bareback]

If the certified copy never changed hands your friend is responsible!

Why? Because he has a contractual agreement with the credit union whereby he agreed to financing using the car as collateral. Any agreement made after with any party other than the credit union is null and void.

If the sale involved a title transfer then the issue of the loan would not be valid as the credit union would have required the sale proceeds to be applied to the loan, and then another loan could have been issued to the purchaser.

[stev]

vehicle-ception

[r3iXmann]

Don't worry OP, the people who had the car when it was reposessed will have to sue your friend's friend for the money, it will take 10 years for the case to be finalised in which time he can just save up the money to pay them back.

Welcome to Trinidad where the justice system is a POS.

unless it's a bunch of goons he dealing with and they find him and put two in/on him

[pete]

Well, that's the only thing to worry about. But they'll be going after the guy who sold the car to them, not the original owner.

[AllTrac]

a friend of mine called me frantic today because he bought a vehicle trough the credit union and
he could not continue to pay for it so he sold it to a friend of his who was suppose to continue to pay
for it but that friend also messed up cause he sold the vehicle also so the vehicle was repossessed
today

what is the next step he should take ?

firstly what kind of parents name their child "frantic"

[javishm]

having friends are a waste of time... forever alone

but imo the orignial person is responsible for the loan if he didnt make the necessary notifications to the credit union etc

[toyolink]

This is a really crazy situation which can cause all kinds of consequences including police intervention for fraud.
The money involved pales in comparison to the grief which is most likely to be suffered.
This is not the way to do business!
The fact that the final buyer didn't conduct proper searches doesnt absolve the seller(s) from perpetrating a fraudulent conversion of property.

[nemisis]

Don't worry OP, the people who had the car when it was reposessed will have to sue your friend's friend for the money, it will take 10 years for the case to be finalised in which time he can just save up the money to pay them back.

Welcome to Trinidad where the justice system is a POS.

unless it's a bunch of goons he dealing with and they find him and put two in/on him

likes this

[A172]

your friend is a piece of chit for selling a car that did not belong to him in the first place

Good luck in your credit check goals of 2013 and beyond.

[clone101]

Most time when you buy with the help of a finance company you have to do a mortgages bill of sale to the date of the last payment and sigh a transfer form before you collect the funds so from a legal stand point that vehicle ent yours until it paid off on and you should not sell it or re sell it until you clear you debt ..............

[pioneer]

brb no authorisation from credit union
brb assuming debt would be cleared
brb not being able to get a loan, from anyone, ever
brb OP borrowing money from people to survive

good luck bro

[G-T]

What your friend should have done, was to immediately contact the Credit Union, ask the lender how much he still owes on the vehicle (the payoff amount), then compare it to the car’s True Market Value, request a read out of how many payments he have already made on the car, in which case the value of the vehicle may be higher to what he owes, then sell the car to pay off the loan. The loan agreement has his name on it, off course the Credit Union is going to call him about payments and reposes the vehicle. He tried to trick the system, but he failed to realize lenders are always on the ball when it concerns their money.

[jmccomie]

^^ hear more bachanal

[pioneer]

His goose cook.

Credit Unions usually more flexible than banks, if OP knew he couldn't afford the car he could have cut a deal of some sort?

Now they gonna seize whatever he used as security, and they have all legal rights to do it.