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Repossession
Contract Law

Can you repossess a car which you sold to a friend with a written contract stating that if payments are not made as agreed car will be repossessed?

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Wiki User
2015-07-15 18:46:57
2015-07-15 18:46:57

YES.

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you'll owe what's left on the contract after the vehicle is sold (probably through auction). Example: you owe $2500, the car sells at auction for $500, you owe $2000 because you signed a contract stating you'd pay a certain amount, that's what the creditor is after.

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Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.

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Vague, confusing question. If the LL accepts a late partial payment, he can still sue the tenant for non payment. UNLESS he writes new contract stating he will not do so.

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Yes, unless you have an employment contract stating otherwise.

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if u had a contract stating the work would be completed, yes

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Repossession normally doesnt effect the warranty unless there is some clause in the contract stating otherwise, as long as the title stays in the same name(original warrantee)

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Yes. Normally if you are 3 months behind the finance company can take back the collateral. This is a default. Remember, you signed a contract with the bank stating that you would make your payments. It's not their fault you can't pay. However, any decent bank should be able to work with you in the event you lost your job. The key here is to communicate with them and don't dodge their phone calls. If you are honest with them, you can normally buy yourself a couple of months.

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You can only back out of a signed contract, if the contract states there is a backout clause. If there is no clause stating you may back out of the deal within 24 hour, you are liable for the contract signed.

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Carla, the LENDER is the only one who can stop the repo. CALL THEM ASAP and be VERY convincing if ya wanta keep the car. Otherwise you will be back on your feet again. Good Luck

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A letter stating a deal is "subject to contract" means that neither party are held responsible until a contract is signed. Using this term in a contract correspondence allows both parties to know that a contract is forthcoming and that nothing is binding as of yet.

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Well first off, it's not like he could get a refund. If he is simply going to let it get repossessed, he can have someone else drop it off & he can send the lienholder a letter stating he is voluntarily letting them repossess the vehicle, along with location of where it was left. Voluntary repossessions avoid additional charges, towing, repossession fees,etc.

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A contract is something stating that you work a certain amount of years for a certain amount of money

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It depends upon the specific terms and conditions of the contract. If the contract simply states it is the buyer's obligation to secure financing, then you can NOTcancel the contract. If the contract states that the agreement is conditional upon the buyer's ability to secure a loan, then you CAN cancel the contract.

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You should be unless you signed a contract stating otherwise...

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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.

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* Unless you have a contract of sorts stating this was a loan and a date, the amount of the loan and this person's signature along with your signature on it you can't prove this is a loan and not a gift as it would hearsay only. Without the contract, sorry but you are out the money.

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Serve a notice to complete on the other side, stating that time is of the essence, clearly indicating the time, date, place, etc for completion/ performance of the contract

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No. She recently signed a contract stating that she will write a few more books.

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Depends on the wording of the contract you signed. Sometimes the ciontract has a clause stating the bank may request all payment to be paid immediatly. I've never heard of it actually happening before though.

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It can be done but you pretty much have to follow the same rules as the major lenders. Ie: written contract stating that if payments aren't made, the lienholder can repo, perfected liens, etc. Best thing to do is contact a local repo company and they can tell you exactly what you need to do it.

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This depends greatly on the local laws and if you have a contract with them. If you are boarding your horse with someone and they have a contract that you signed stating that if you got behind on payments or didn't show up within a certain amount of days to care for your horse, they could take the horse and do as they please with it, then yes they can sell it. However if you did not sign a contract then likely they cannot seize your horse unless they can prove you were neglecting it by not caring for it in some way. If you did not have a contract with someone threatening to sell your horse you need to call the local police and have them help you remove the horse from the property.

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Yes , if having a roommate is in violation of your lease agreement stating that the lease is for a single occupant . You should be able to renegotiate the contract if you are in compliance with all the requirements of the leasing contract .

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: You have received an appointment letter as a software engineer from XYZ software house. Write a letter of acceptance stating your joining date and agreement on terms and conditions of the contract.


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