Vehicle Held As Collateral

[spokanedriver]

My question involves a consumer law issue in the State of: Washington

Lent a person some money, they gave me a signed title to hold as collateral. They haven't paid, and i cannot find the title for anything! There is written communication of the debt, and him signing the title over to me. Would i be able to take possession of the vehicle based on those records if i can't find the title?

[llworking]

My question involves a consumer law issue in the State of: Washington

Lent a person some money, they gave me a signed title to hold as collateral. They haven't paid, and i cannot find the title for anything! There is written communication of the debt, and him signing the title over to me. Would i be able to take possession of the vehicle based on those records if i can't find the title?

What kind of written communication? You don't want to risk being accused of car theft. Also, how much money are we talking about?

[Zigner]

No, and the mere possession of a "signed title" doesn't necessarily give you any right either.

[adjusterjack]

No. Without that title with his signature on it, you have no right to the car so you can only sue him for the money.

That your written agreement refers to the signing of the title is meaningless because you did not perfect your lienholder rights. You should have immediately had the title reissued to show your name on it as lienholder. That's what the professional lenders do. It might have required you and your friend to visit the DMV but you could have insisted on that before handing over the money.

[pg1067]

Lent a person some money, they gave me a signed title to hold as collateral.

In other words...this person signed over the title to the vehicle to you?

There is written communication of the debt, and him signing the title over to me. Would i be able to take possession of the vehicle based on those records if i can't find the title?

For starters, your ability to take possession of the vehicle has nothing to do with any documents. Do you have keys for the car and the ability to access it without disturbing the peace? If you don't have both of those things, then you don't have the ability to take possession, regardless of what documentation you have, unless you sue and obtain a court order or judgment that gives you the right to take possession. As far as the documents you mentioned that you do have, no one who hasn't personally reviewed them can comment intelligently on their legal significance. Suffice to say, however, that nothing you described is the proper way to secure a vehicle as collateral for a loan.

[gmdahootersman]

My question involves a consumer law issue in the State of: Washington

Lent a person some money, they gave me a signed title to hold as collateral. They haven't paid, and i cannot find the title for anything! There is written communication of the debt, and him signing the title over to me. Would i be able to take possession of the vehicle based on those records if i can't find the title?

Nah, man. Like the others have informed, without the vehicle's (duplicate) title listed you as the legal lienholder, you wouldn't be able to take possession of the vehicle, even if I paid you tp do it.