If I sold my tool and tool box to my friend for $15k and he put 5k down but never made a payment for 8 months, do I have to pay him anything if I reposssed them?
Question Details: He put 5k down and never made another payment. After 8 months of his run around stories I took the box and tools back. I see it as if I bought a car and didn't pay and they repoed it, I wouldnt get my down payment or anything back from them. There were never any written contracts and the money was cash.
Andrew Goldberg
Answered 8 months ago
This attorney is licensed in Pennsylvania
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Yes. If you repossessed the tools and tool box, the friend no longer has the consideration for which he was entitiled to under the contract. Perhaps minus a fair monthly rental amount for the 8 months you did not have the tools or tool box, you should return the deposit. By that, perhaps you and he can agree that youu will keep $1600 and return $3400. Taht seems equitable.
