do have any legal rights to keep my bike?
Question Details: I have entered into a contract with a person--he purchased the motorcycle and I was to make payments to him. He is now becoming impatient as to how long it is taking to pay-off the bike and is thresatening to reposse the bike. I have been making payments and now he has added self-imposed interest to the payments. He is stating I owe him over $6700 when the original price was $7000. I have been making payments since 2005. There is an original contract, written and signed for our agreement. There was no agreement for added interest or time constraints to pay-off the bike. Do I have a legal 'leg' to stand on the keep the bike since I have been making payments in good faith? He has already contacted an attorney.
Business Law Answers
I am a lawyer in CT and practice in this area of the law. This matter is going to be determined by what your signed contract says. when you first entered into the agreement you had a meeting of the minds as to what the payment terms would be. If you have not breached the contract and have been making payments regularly and are not behind, then you have not breached the contract and may continue to make payments until the contract is fulfilled. the other party is not permitted to add interest unilaterally or changed the terms without your consent. I suggest that you obtain a lawyer if you are sued to review the contract and defend you. you may have a counterclaim against the other guy for his breach of the contact. Hire a lawyer to review the contract. most lawyers will meet with you the first time for free.
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