answersLogoWhite

0


Best Answer

I can answer the question I asked. The answer is NO. For the State of Arkansas I was told by the Dept of Finance that I should have done it when I sold the car. My tough luck, my being nice to the buyer. The buyer is a leach on society.

AnswerEven though you didn't place a lien on the title when you sold it, you should be able to sue and get a judgment for the unpaid amount of the note. With the judgment you can attach the buyer's property, including the car.
User Avatar

Wiki User

โˆ™ 2011-09-12 15:39:45
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Can you now put a lien on the title for nonpayment and repossess the car if you have the bill of sale and promissory note signed by the buyer?
Write your answer...
Submit
Related questions

Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?


Does a promissory note provide proof of ownership for a business?

when selling you business does a promissory note provide proof of ownership for teh buyer?


You sold a car signed the title over and have not gotten paid. What should you do?

This is a civil matter. You should not sign over the title without being paid or without having the buyer sign a valid promissory note. You need to sue the buyer in civil court.


How does primary buyer repossess auto from co-buyer who is hiding car?

Call the police and tell them that the co- buyer is not agreeing to the terms of use of the car when said car was bought.


Can the buyer of a car legally repossess the car from the co buyer if the co buyer has made all payments?

If they are a co owner on the reg, they have as much right to it as you-essentially, neither one of you can keep the other from using it paid for or not.


How can I repossess my car that someone bought from me?

Scenarios: 1. If you sold the car for cash, and the buyer paid you in full, you have nothing to repossess. 2. If you signed the title (aka pink slip) and the buyer had their name listed as Registered Owner, you no longer own the car - nothing to repossess. 3. If you sold the car and did NOT sign the title, and allowed the buyer to make monthly payments to you, AND the buyer has defaulted on making payments for some specified time, you MIGHT have some rights in regards to respossessing the vehicle. 4. If no written agreement was made (and properly signed) at the time of sale specifically stating the monthly payment arrangements - in other words a handshake deal - you MAY not have any recourse. Before proceeding, please consult legal help on this matter - Don't take what you may think is the law into your own hands.


If you sell a boat privately and the buyer does not pay can you repossess it if you have the title?

You can repossess the boat if it has not been paid for. It will help if you have signed documents concerning the sale and when and how it was to be paid for. And beware of the physical dangers involved if you try to repo it yourself. Experienced repo men have been killed by people mistaking them for thieves and by people who are just plain mad at being repo'ed.


What if a buyer has secnd thoughts that differ from the co buyer?

Right up until the point when the contract is signed, the buyer can change his or her mind, and what the co-buyer thinks about it is an issue for the two of them to work out. After the contract is signed, it's pretty much too bad for the buyer if he or she has "second thoughts".


Back out of car contract not signed by primary buyer but only by secondairy buyer?

If your question is "can the contract be null and void" if signed only by the primary buyer and not by the co-signer? Depends. If the contract is in both names-yes. If the contract is typed up "only" in the buyer name-no. If the loan is conditioned to both signing, yes.


Is the date of contract the date the seller signed?

The date the Buyer signs it.


How do you find a buyer for signed copy of a biography of Byron de la Beckwith?

You Don't


When is a real estate contract valid?

When it has been signed by the buyer and seller.


How do you repossess a car from someone who defaulted on a promissory note in a private sale?

A private auto sale is considered a contract. As such, if the buyer isn't paying as agreed, he's in breach of ths contract and subject to civil remedy, such as a law suit. Unless specified in the contract or allowed by your local law, you can't take the property back. That places you in breach as well and could be considered auto theft.


Can you junk a vehicle without title if the loan company refuses to repossess the car?

ONLY if you can find someone to buy it without a title. NO buyer, NO seller.


What are the terms of a chattel mortgage?

the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause


How do you repossess my car?

Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon when the initial loan was signed by the buyer.The lender is entitled to recover their property by most any means. And is is their right to resell that car to anyone they choose in order to recoup their losses after not being paid by the original buyer.Miss a payment, lose the car ... simple business. After all, they have your signature on a document that states you promise to make monthly payments or face the consequences.


What is next step after car title is signed by seller?

release the vehicle to the buyer


Can the co buyer of a car legally repossess the car from the buyer if the co buyer has made all payments?

More than likely no. You have a bad situation. You made the payments but the other party actually owns the vehicle. In other words you may have just bought this person a car. You need to talk to a lawyer.


Is an Automobile Buyer's Order a legally binding contract in PA if both the dealer and buyer have signed it?

In Pennsylvania, a buyer's order only becomes consummated once the buyer has taken delivery of the vehicle. Not at the signing, but once the vehicle leaves the sellers property.


How can you repossess a car when you are the sole lien holder on the title and there is no signed contract and the buyer has not made payments in six months in California?

So, if I'm getting this right, the car is yours..pink slip and all. You call the police and report it stolen. Document all of the times you have tried to get it back, and have dates and times.


Who are some companies that are buyers of mortgage notes?

A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.


Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?

To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.


Is a contract valid if the buyer informs the seller that they have signed the contract yet the next day the seller tells the buyer that they are no longer accepting the offer?

The contract is not enforceable unless both parties signed it. If the sellers changed their mind and didn't sign then you don't have a contract.


How is the transfer of property affected if the seller dies before the transfer?

If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.


What can you do if a car has been sold and they have not paid for the car?

Well if you have not signed the title over to the buyer or if you have a lean on the title you can have the vehicle repossessed. If you have signed over the title to the buyer without putting a lean on it 1st there is nothing you can do. I own a recovery company and know a few laws. Good luck.

Study guides

๐Ÿ““
Create a Study Guide