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  1. #1
    Join Date
    Oct 2012
    Posts
    101

    Default Vehicle Held As Collateral

    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?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Vehicle Held As Collateral

    Quote Quoting spokanedriver
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    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?

  3. #3
    Join Date
    Sep 2020
    Posts
    178

    Default Re: Vehicle Held As Collateral

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

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Vehicle Held As Collateral

    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.

  5. #5
    Join Date
    Jul 2018
    Posts
    2,745

    Default Re: Vehicle Held As Collateral

    Quote Quoting spokanedriver
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    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?


    Quote Quoting spokanedriver
    View Post
    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.

  6. #6
    Join Date
    Dec 2012
    Location
    Atlanta, Georgia, United States
    Posts
    202

    Default Re: Vehicle Held As Collateral

    Quote Quoting spokanedriver
    View Post
    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.
    "If it's too good to be true, then it most likely is."

    Do not put spam in your signature.

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