Legal Question in Consumer Law in Texas

Car Title

My boyfriend paid off my car that I had financed through a credit union (for lower interest/lower payments reasons,)w/his credit card. Since we are not married and naturally uncertain on what the future holds, we agreed that I pay him monthly payments and also that he keep the car title (which is in my name) in a safe deposit box. Question is: Even if he has my car title in a safe deposit box,will it do him any good since it is in my name? Is there a better way? Could we draw up a contract where I agree to pay him ''so and so'' montly payments plus interest until the loan is paid in full and leave the car title out of the picture all together? Thank you for your time.


Asked on 11/21/05, 3:13 pm

2 Answers from Attorneys
TC Langford Langford Law Office

Re: Car Title

The method you have used does not offer him much protection, and complicates you in issues of insurance and registration. A better method would be to draw up an enforceable contract and lien, demonstrating the payment arrangements, and then him filing a lien on the car. TCL

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Answered on 11/21/05, 3:49 pm
Gerald R. Yoakum The Practice of Gerald R. Yoakum, P.C. A Full Service Law Firm

Re: Car Title

The title in his safe deposit box is no help to him at all. I believe he trusts you and you should pay him back--however, a contract (in writing) would have to have a lien and the ability for him to repossess his collateral. The contract normally must be completed before the agreement begins

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Answered on 11/21/05, 9:30 pm


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