Buying a Car in Your Name for Somebody in Chapter 13 Bankruptcy
My question involves a consumer law issue in the State of: TEXAS
In Jan 2016 I agreed to help my brother get a car to help his image as a REALTOR, MERCEDES - BENZ, the verbal agreement was he would make the payments and provide insurance if I purchased the vehicle in my name. He is unable to enter into a written contract because of the conditions governing his Current Bankruptcy so out of the kindness of my heart and trust I agreed to help. As of now we are not on very good terms and my fear is he will not pay the payments as agreed and or pay off the loan by the end of the year as verbally agreed. I don't trust him or his word and want the car back in my possession so I can ensure the payments are made and possibly sell it to pay off the loan. Can I legally take the car back if he does not agree to give it back when I ask for it? Also would I be legally responsible for repaying the money he has already paid on the loan. if so I can do that. I ask these questions because I have worked long and hard to rebuild my credit after a nasty divorce and I don't trust my brother to do the honorable thing and make the payments / pay off the car. I'm fearful he may even damage the vehicle then return it to me out of hatred for me asking for the car back. Is there a reference Texas Law I can reference that protects me as the owner. I want this to be civil be with his short temper and anger this will not end happily ever after. I'm willing to enter into a written agreement with him but that would violate the conditions of his BK as I stated before. This is my only choice. Thank you for any help...........
Re: Family Verbal Agreement
There is only one law here.
Your name is on the title as the owner. All you have done was lend him the car, or rented it to him.
Go take it back if you want to.
The consequences are yours to deal with because you got into this arrangement in the first place.
Re: Family Verbal Agreement
While I agree with AJ, I would ask if the title is in your name or just the loan? If the title is in the name of your brother then you generously bought him the car and stuck yourself with the payments.