With a promissory note can?

I have a friend who him and I were talking at the beach with my freinds 2005 Acura TL next to a lifeguard tower. My friend was telling me how he lost his job and had bad credit now and couldn't get a loan for 5,000 because he lost his job. When the lifeguard pop in the conversation and became friends with us. After 2 weeks he told my friend I will lend you the 5,000 my friend jump for joy but the lifeguard told him you must sign a promissory note which he ask for the car as collateral. My friend tought he could pay him with another job he found but he was layoff and now cant pay its been 90 days that he hasn;t paid and the lifeguard wont give me no more chances can the lifegaurd repo my friends car with the car being mention in the note.

With a promissory note can?

i am sorry to say yes -- it would just as if he borrowed it from the bank and they were repro the car -- should the life guard just give th 5K to your friend!!!

With a promissory note can?

Yes the car can be repossessed. A promissory note is a legal contract.

With a promissory note can?

you didn't ask a clear question but it sounds like the lifeguard was smart and your friend is lazy. Your friend needs to learn how to find and keep a job so he can pay his bills. He deserves to lose his car.