ArmandoLuna

Here's the deal.
I recently let this girl buy new edge mustang on payments. We made an agreement and got it noterized. She insisted that I get a lean on the car title. But the title is in her name. So she can get tags and insurance. I'm not sure what the lean will do if she does not pay off the car to me within the set time. What I'm trying to figure out is what can I do if she does not pay me at all. She put 500 down on it. And the payment is comin up soon. And no response from her. If she decides to not pay and there is a lean on the car title, what can I do legally?

2k7gtcs

I understand title is in her name but you physically hold the title in your possession correct?

Basically you hope she makes the payments. And when she doesn't you'll have to repo it. But there are procedures to that.

Glenn

I would hope you have a written contract between you and her??

ArmandoLuna

Yes, it is in her name. I had to sign it over. But the new title got mailed to me for some reason. And yeah we made a contract for 6 months for it to be payed off. If she misses one payment she won't be able to pay it off in the amount of time she agreed for. My main concern is that she will avoid me

2k7gtcs

You should hold it as lien holder and part of the contract should have been she gets the actual title when she's paid you off

Just like any bank would do

If she has that title she can go get title loans or sell it or get another loan on it

You hold onto that physical title till you are paid off
That's your only bargaining chip
Keep it with the note you had her sign

2k7gtcs

As far as worrying that she will avoid you

Well you should have thought of that before

Basically your life just became complicated till this is done

ArmandoLuna

She was going to get a loan for the car. A whopping 1800 dollars. But she didn't get approved. I know that sounds bad. But we did payments. The only reason I have her the old title was to get tags and everything. But I am the lien holder on the title. And I do have in my possession the newest title with her name on it
So pretty much if she doesn't pay it off I can get the car back?

2k7gtcs

Yes

But you'll need to follow your state laws and usually once somebody knows they are not making their payments they start hiding the car or really raggin it out

My in-laws repossess cars for a living

I don't know much about it but they charge a few hundred to repossess a car for a bank or a car lot

Then that note holder adds it into the amount the people owe on the car along with penalties and interest

Best thing to hope for is she pays you back

If she doesn't then talk to someone with experience in your area about repossessing cars

I know that my in laws will call the local police to inform them they are repossessing a car so that they won't respond when it gets called in as stolen by the buyer

I'm sure there are other things required to be done

ArmandoLuna

How many payments behind would I have to get involved in the process

2k7gtcs

I think it's over 30 days behind on any payment


Again that is something that should have been in the note


It's up to the laws of your state

Some states are more protective of consumers than others

ArmandoLuna

Ah, well thanks for the info!

Mickstang

I think you paid up front for the education you're about to receive.

Prior to my retirement, I had a deal with the local banks: They didn't come into the plant and do machine maintenance or metal fabrication, and I stayed out of the money loaning business.

DaGonz

Seconded!

HOSS429

if the title is in her name and she applys for a lost title and gets it you are screwed ..there is a woman driving around as we speak in my 1998 GMC Jimmy and i cant do a thing about it .. i "sold" it to a friend who i did not know had a warrent for her arrest ... a friend she was staying knew that .. this friend called a bounty hunter and and now the person who i sold the car to is in jail .. the tag and title is still in my name but the sherriffs dept wont help me consficate my truck cause i dont have the title with me ..

Glenn

ummmmm I think pictures of the girl would help us help you??

HOSS429

the pictures i have would get me banned ..

cdynaco

Now besides playing banker, he gets to play lawyer in Small Claims Court.

JimC

Are you listed as the lien holder on the title that was sent to you? If not, then you have not perfected your security interest. Without that process you have no claims to the car if she doesn't pay (and your description says that she is a risk).

D'prived

Call Operation Repo!!