How to Collect a Loan When You Hold the Borrower's Car Title as Security
My question involves a consumer law issue in the State of: Texas
My stepson made a loan to a friend who in return gave him the title to her car as collateral. She now refuses to repay the loan. Does he have any legal recourse to collect the loan or take the vehicle?
Re: Have Car Tittle for Loan That is Not Being Repaid
I'm going to guess that he had no written loan agreement and that the title doesn't show him as a lienholder nor did she sign it over to him.
He can sue for the money but he can't take the car.
She can always get a duplicate title at the DMV.
I'm also going to guess that she was his girlfriend when he loaned her the money and now she's not.