A friend borrowed 20K, left the car & pink slip as deposit. Can I sell the car if he doesn't pay back?
Answer:
I would.that is why he left it.but if the value of the car is less than 20k.he is laughing.you have purchased a car for 20k.
you should warn him first.
Before you can sell a car, you need to be the title holder. OR, have a document FROM the title holder authorizing you to sell the car for them.
If you do not have such authority, then you would be selling a car you do not own, regardless of the fact that you may be holding it in collateral for a debt. In fact, it might be impossible for you to transfer ownership of the car, in case where you do not own it nor possess authority to sell it.
The 2nd best case would be if YOU were a lienholder on the vehicle which would give you some control on the sale of the vehicle. But if the vehicle is not worth 20K, you made a bad deal.
Presumably the car registration documents are still in your friend's name and so you cannot transfer them to any one without his signature.
I think you will have to notify your friend and then apply for a court order. But do learn the lesson. There is an old proverb, "with friends eat and drink, but never do business2.
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