What can I legally do after trading cars with a family member? Posted on May 28, 2011
My husband and I traded our 2005 Hyundai, which we still owe on, for his aunt's 1999 Pontiac-fully paid- with the agreement that she would take up payments and that she would get a loan with her bank to pay it off. We put $4000.00 into the payments for the car including the down payment. Her Pontiac is worth $1500 via Kelly Blue Value. She has made 4 payments so far, monthly. We asked if she would take the car out of our name now, and she said yes, but she would like us to pay either a down payment, or she would re-trade cars but we would have to reimburse her the 4 payments she has made on the vehicle. There is no written paperwork on the original agreement, and neither of us have legal rights to each others' vehicle. Can she actually do anything to us if we just take our car back and give her back her vehicle?
Click to View More Answers: