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Old 08-29-2019, 06:05 PM
 
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Say you make a car loan to an individual, and then you get into trouble with the government for tax evasion, or whatever. If they seize your assets, can they also take the car the guy is paying you for?
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Old 08-29-2019, 06:14 PM
 
Location: Wisconsin
17,551 posts, read 17,823,070 times
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Quote:
Originally Posted by bagster View Post
Say you make a car loan to an individual, and then you get into trouble with the government for tax evasion, or whatever. If they seize your assets, can they also take the car the guy is paying you for?

As a layperson, I am theorizing
that it depends on whose name is on the title. If it is your name on the car title it would be your asset, and if it has someone else's name it is their asset (except for any legal liens).

But, if you are in that amount of trouble you probably have worse problems to worry about.

Good luck
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Old 08-29-2019, 07:56 PM
 
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I would have known this years ago when studying for the law portion of the CPA exam. I know this was on there...but today...you better call Alicia florrick.
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Old 08-29-2019, 08:18 PM
 
2,881 posts, read 4,407,299 times
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Originally Posted by Thatsright19 View Post
I would have known this years ago when studying for the law portion of the CPA exam. I know this was on there...but today...you better call Alicia florrick.

And, if you can't get Alicia Florrick than you Better Call Saul.
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Old 08-29-2019, 08:37 PM
 
7,193 posts, read 4,243,718 times
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Originally Posted by bagster View Post
Say you make a car loan to an individual, and then you get into trouble with the government for tax evasion, or whatever. If they seize your assets, can they also take the car the guy is paying you for?
Do you own the car? They can only take your stuff.
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Old 08-30-2019, 07:02 AM
 
Location: Haiku
4,887 posts, read 2,786,231 times
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Quote:
Originally Posted by bagster View Post
Say you make a car loan to an individual, and then you get into trouble with the government for tax evasion, or whatever. If they seize your assets, can they also take the car the guy is paying you for?
If you have transferred the car title to the buyer, no they cannot seize it since it is not your property. But if the title is still in your name, then yes, it can be seized. If the buyer has a purchase contract with you and records of payments, he can sue to force the IRS to honor the contract.
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Old 09-02-2019, 02:43 AM
 
1,419 posts, read 730,305 times
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Quote:
Originally Posted by germaine2626 View Post

As a layperson, I am theorizing
that it depends on whose name is on the title. If it is your name on the car title it would be your asset, and if it has someone else's name it is their asset (except for any legal liens).

But, if you are in that amount of trouble you probably have worse problems to worry about.

Good luck
Germaine2626, you're absolutely correct. That's affirmation from a legal maven that's had many years of listening to movies and TV courtroom scenes.
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Old 09-08-2019, 04:40 AM
Status: "Whatever it takes - Ďcause I love the adrenaline in my veins" (set 11 days ago)
 
Location: San Francisco
2,615 posts, read 618,720 times
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Quote:
Originally Posted by bagster View Post
Say you make a car loan to an individual, and then you get into trouble with the government for tax evasion, or whatever. If they seize your assets, can they also take the car the guy is paying you for?
As you describe, itís a personal loan (so a friend could purchase a car); itís not your car (and not a smart thing to do when you consider why someone would need to borrow money from a friend instead of simply taking out a car loan directly). In fact, funds from personal loans are often not even used in the manner in which they were asked for (so there may not even be a car). Always have a contract.

That said - if, in fact, you meant you sold him your car, then you sold him the car; itís not yours. The title should have been transferred in a sale so he may obtain insurance and register the vehicle (or you remain potentially liable). Again, have a contract (and donít Ďforgetí to pay your taxes - lol).
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Old 09-08-2019, 07:56 PM
 
Location: Cebu, Philippines
4,882 posts, read 1,886,699 times
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Wild guess, they can seize what is in your physical possession or legally held in your name.



If you give me a thousand dollars to keep in my freezer for you, they can't have it. But if you put in your checking account, the bank will happily hand it over to them.
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Old 09-09-2019, 12:27 PM
 
5,750 posts, read 3,741,145 times
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If the titles in your name and the other guy has a lien on it while making payments, you’re good.
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