What to do if we bought a dirt bike and my husband’s boss signed for us but today my husband was terminated and now the boss wants the bike back?

We haven’t been late or missed a payment. We just need to know our rights

Asked on July 14, 2015 under Business Law, New Mexico

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

It depends on the terms of the agreement between you and the boss. If the agreement was that you would make payments to him and, once you made all payments, the bike would be yours, then so long as you honor your obligations--that is, make the payments--you should get the bike. If the agreement was that if your husband was terminated or quit, then the boss got the bike, he would get the bike. It depends entirely on the terms of the agreement. If the agreement was unclear or you and he disagree over who should own it, a key issue is in whose name it is titled: whomever it was "sold to" is the legal owner at present, and if the other person wants it, he'd have to sue for it and convince a court to give it to him based on the terms of any agreement(s) and whether those agreements have been honored (e.g. payments made).


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