Just looking for some quick info. I personally sold a car to someone on payments. Had a contract and everything...blah blah blah. It was basically a very legit personal deal. Anyways, the dude is defaulting on it....and now he has taken the car and run away to New York. What options do I have to take care of this situation besides driving / flying to NY to collect the car? I do have the title in my possession. Its titled under his name, however I'm listed as the lean holder.
if you have docs listed as leinholder, you should have everything you need. laws on reposession differ from state to state so you may want to call an asset recovery professional near where the vehicle is. They can take possesion of it for you, but I'd call more than one to make sure you educate yourself and dont step in it.
no no no, not yet. there is no crime for police. do you have the payment structure agreement in writing? a contract?
Yes I have a contract signed and dated by the both of us. It basically says down payment of xxx dollars and x ammount of monthly payments on the 15th day of each month in the ammount of xxx dollars. contract states that he is required to carry comprehensive and collision coverage on the car as well....and he has not been...nor did he list me as a lean holder on the insurance policy, he told insurance that he outright owned the car. contract as well says that after he defaults, i have the right to repo the car.
GOOD That last clause is CRITICAL. Call the pros in NY, you'll probably still have to come out of pocket, but they should tell you what they need to do their job.
I have been thinking about calling someone out there. After it gets repoed, I'm stuck going to NY to collect it though arent I?
Or, you can try to find a new buyer in NY maybe? possibly on NASIOC, maybe someone will be willing to finish the payments for a nice leggy
Not an insanely large amount left on payments, but enough to be worried about. If it was less then a grand, I would just say fuck it and cut my losses...but that isn't the case here. Its my old 97 Legacy GT.
Wait, Jevon took off and defaulted on you? I thought you guys were pretty close buds, and he seemed like an upfront kind of guy the few times I met him... Damn. Guess you never can tell. :|
Who is Jake? I talked with him on the phone. He refuses to return the car to GA....he says he will pay me, but I don't know if that will actually happen or not. I guess we will see what happens.
sure, if a party involved is dishonest owner financing is a bad idea. i'm not. and have done this three times now with no issues the OP got screwed, thats the issue with doing this with people you can't trust.
Don't trust his word, him saying he will pay you. If he stopped paying you and is against the contract you guys made, get your shit back. he broke the contract.
any idea what part of NY? I have a good friend that lives there and knows a few tow truck drivers. Might even be able to help you sell it there after repo.
I have an address....However I don't know how accurate it is. I'll get in touch with you via PM within the next few days. Thanks man
I dont have the time or resources to drop everything and run to NY to pick up a car. I refuse to just sign the car over for free though? So what happens now?
I wouldn't even think of signing the title over if he doesn't pay. Hell I wouldn't do owner financing anyway, if he wanted the car bad enough he could've financed through the bank and you would've been paid with no worries. Then he could've defaulted with the bank and they definately would repo it.