My husband and I are lienholders on an auto we sold to a friend. He's supposed to make $100.00 per month payments due on the 22nd of each month. Every month we have to call and ask and then we're the bad guys. This month, we're not doing anything and just waiting (he's has not paid yet this month..again). At what point can we legally seize the vehicle? I want to be done with them and take it back now. It's only been about 4 months on a $1200.00 loan. I can't go thru this every month for $100.00 until it's paid. I tried looking online for info but wasen't getting what I needed.
2006-09-27 12:00:54 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
if you have a contract and he is in arrays, I think you might have to take him to small claims court in order to get the vehicle back
2006-09-27 12:03:50 · answer #1 · answered by Mike C 4 · 0⤊ 0⤋
This is a simple one. You simply send him a certified letter of demand, and give him 7 days to pay up. DO NOT TELL HIM YOUR GOING TO REPO IT, because trust me he will hide it.
If at midnight on the 7th day if he has not pad up in full, you simply go repo. the unit.
If you did not keep a key to it, take the VIN number and go to the dealer and have key cut.
Since you are the rightful owner of the unit, you DO NOT have to go to court. Take the unit and hide it so he will not attempt to take it back. DO NOT LET HIM HAVE IT BACK! He is in default of the loan and letting him have it back is asking for trouble.
Or if you are in the Colorado / Wyoming area I can repo it for you.
Tried to reply to your e-mail would not go through:
You are more than welcome. Actually you could have taken the unit back when he missed the first payment. If you do not have a good place to hide the unit flatten 2 of the tires on it. Remove the valve stems and then when you need to move it you can out the valve stems back in and fix a flat it to the gas station.
Or you can remove the battery and change the door locks. That will run about 200.00 depending on the make of the unit. Just please be careful when you take it. AND when you do take it be sure to call the police department and turn it in as a repo. Tell them it was a private take. They will want the name of your company give them your last name, they will want the address it was taken from, and the storage address, I always make that one up, they know it but never say anything to me about it. This way if he tries to turn it in stolen to collect insurance, he will have a very rude awaking.
If you need anymore information I am here.
Good Luck,
2006-09-27 19:17:47 · answer #2 · answered by GoneByDawn 4 · 1⤊ 0⤋
did you file a financing statement?, if you haven't he could possibly sell the vehicle and you would have no way of getting the vehicle back.
2006-09-27 19:15:09 · answer #3 · answered by CHAZ2006 3 · 0⤊ 0⤋
he broke his end of the bargen. call the police. you may also want to talk to a lawyer.
2006-09-27 19:10:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋