I sold a van to a "friend" on payments. I am the lien holder on the title and have his signature on a signed contract. He left state and I don't have an address or social #, and he called and said the vehicle blew up on the other side of the country. Anyone know what steps I can take to get retribution? Thanks for your commments.
2007-04-13 19:51:04 · 5 answers · asked by Kharma S 1 in Cars & Transportation ➔ Buying & Selling
Small claims court, and good luck!
2007-04-13 19:57:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Since you are a legal lien holder you could take the same steps that a credit agency would. We you the loss payee on the insurance? If the van blew up and he made a claim for it, the loss payee gets the money. Otherwise, you could go the route of repossession, but it sounds like this is going to be hard. Now you see why banks charge fees. Because dealing with fraction of loans that end in default is not cheap.
2007-04-14 03:31:15 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
CREATE A WITNESS in case you probably did no longer write a settlement and get it signed until eventually now giving over the vehicle, write one up and take a disinterested individual (say, somebody you're giving a experience to the drugstore or any comparable artifice) with you mutually as you talk the settlement & words with the shopper. do no longer forget that each physique events of a signed settlement get a replica, so take one greater replica for the shopper. a settlement ought to incorporate that a defaulting shopper is in charge for restoration expenditures because of the fact otherwise it ought to value you greater to get the vehicle back on default than is owed on it. Voila even if if the shopper for any reason does not sign or otherwise tries flimflamming, you have created a witness which you bought the vehicle on promise of reimbursement. Being antisocial on funds and owing you need to be the least of your issues. yet another subject - have you ever already signed the vehicle over? in case you probably did, do in no way do this back until eventually the vehicle is paid for and the verify cleared the financial business enterprise. And what approximately proving you bought the vehicle as quickly as this is signed over, did the shopper sign up in his/her call or are you nonetheless below criminal accountability of being the registered proprietor? And now you get into coverage themes ... who's the insured? those are some explanation why you like that settlement, no count if on paper or by ability of making use of the created witness.
2016-10-02 23:18:33 · answer #3 · answered by celia 4 · 0⤊ 0⤋
Small claims may be your only recourse, but that depends on the value of the van, and the value of the friendship.
This may also be a valuable learning experience.
2007-04-14 05:30:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It sounds like you made a huge mistake. I doubt that you will gain from pursuing it. Hope it wasn't too much money.
2007-04-14 05:00:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋