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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?
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.
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.
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.
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.
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.
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.
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, it’s a personal loan (so a friend could purchase a car); it’s 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; it’s 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 don’t ‘forget’ to pay your taxes - lol).
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.
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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