Can he be held responsible?

Question

I made the STUPID mistake of buying my ex bf a motorcycle, that was 3 years ago. It was put on a credit card so the title is clear & is in my name.

Hes been making payments this whole time, but he should be paying me more than he is just to get it paid off. The minimum payment is only $39 but the most he has ever given me is $150. He doesnt have anything else to pay for.

ANYWAYS, Im thinking about selling it. Even though its not hurting my credit, it is a large balance & does effect my debt/income ratio.
If I have a signed agreement that states he has been & will continue paying until it is paid off & that the debt is soleley his responsibility could I hold him responsible to pay the difference. What I can sell it for is definitely not going to be enough to pay it off.

Serious answers only please & dont remind me how stupid I was to do that....I ALREADY KNOW :o)


♥ MANDEE ♥

Let me clarify the $150 was the most he ever paid me in one month. He has been making payments every month & on time.

Also I am not going to tell him that I am selling it. Because that could get ugly. So I cannot have him sign something else saying he will pay the difference. But Im wondering if I have something already signed saying he will pay until its paid off, will that hold up if I have to take him to court for the difference.

Sorry if this is confusing, I dont really know how to put it.

He hasnt signed an agreement yet. Im going to tell him I need him to sign something for a different reason, but the contract will still state he owes. And I know he cannot get a loan himself. ARRGGH I just dont know. It started @ $8200 & that was 3 yrs ago, he still owes $6200.

Answer 1

I think that you are out of luck on this one. As long as he is making regular payments, regardless of whether it is only the minimum or not, you do not have any grounds to sell the motorcycle let alone sell it and have him pay the difference.

Why would he pay for a motorcycle that you are selling anyhow?

If he was defaulting on payments and in arrears, then it would be reasonable for you to sell the motorcycle in order to minimize your damages.

Unfortunately this is a case of making your bed and having to lie in it.

Sorry!

Answer 2

Hmmmm, options...
1. Best scenario: Make him take over the rest of the debt. i.e. he should go get a loan and pay you the balance if he wants to keep the motorcycle. Then, it is completely out of your hands and you sign over the title.
2. You give him the option of paying a certain amount each month or paying off the entire balance. Make that amount enough to pay it off in a year. Make him sign an agreement with a specific $ amt.
3. Otherwise, you take it back and sell it at a loss, but no more ex. A signed agreement may hold up in court, but your best weapons are all the money he has already invested and if he needs the transportation. If he doesn't pay up, then he loses the bike and all the money he has already paid for it. So, you make him pay it off entirely or agree to a specific monthly payment to avoid losing all that money. He may have agreed to be responsible for the debt, but that doesn't mean he owns the bike. Thankfully, the title's in your name and should be until he pays in full.

If that doesn't work, you should take the bike back and sell it at a loss. You should not allow him to continue to manipulate you. It's worth the financial loss.

Answer 3

If you have a signed agreement that he is going to make the payments until it is paid off then you have a binding contract with him. Legally, this will hold up in court. (just for reference) If he has only paid $150 for the past 3 years then who is making the other payments? You? Then he must pay you back the $$. If you sell it you may be stuck with the difference because the agreement didn't detail what would happen in that case. You may need to have him agree to paying the difference and sign it. It DOES hurt your credit if you are paying late or not paying because he is not giving you $$. Quite honestly, if he is not willing to have the title and invoices changed to be in his name so that he is soley responsible or agree to pay you the difference if sold, then you can file a suit in small claims court for something like $10 and have the court require that he pay you the balance he owes for 3 years of payments. It's up to you. But, either way, the signed agreement is binding and requires him to pay. It's just a matter of how you get your $$.

Answer 4

If he is meeting the minimum AGREED payments and is not behind on his payments - you can not legally change the agreement and must honor your end of the deal.

It seems to me that you realize how short sighted you were and want to change the arrangement mutually agreed on. When couples break up there is allot of anxt and a temptation to get even.

I'm not getting into who was done wrong - I don't know. Maybe you were shafted in the relationship. Please be advised the law does not care about how bad the relationship went. If you sell the motorcycle despite the arrangement made (ASSUMING he has been making the agreed payment amount on t ime) then he could sue the fudge out of you.

Consider it a lesson learned and see the deal through. IF HE GETS 30 DAYS BEHIND on payments - THEN you can repossess the bike and sell it.

Answer 5

Any contract that you have him sign you need to make sure everything is cut and dry so it doesn't come back to bite you. My suggestion is that you sell the motorcycle pay as much on the credit card at one time because that will reduce your interest rates on the credit card and also reduce your income to debt ratio on applications for loans, etc.

Answer 6

If its on a card that is in your name then yes you can be held liable for the difference. If you have a signed agreement then you can take it to small claims court and have it settled that way. It would really help you if you had the agreement notarized. Good luck!

Answer 7

I am no legal begal but you need to be sure that the contract hat you sign with him, if he will sign it has everything spelled out. Even if you sell make sure that it is clear that he is repsonsible for the difference in the bought price and the sell price.

Answer 8

If the title is in your name, I would take the motorcycle back and sell it. You have already recognized that the investment was a mistake, now you have the power to correct it. Delay, and you'll kick yourself for it.