What to do if we sold a friend a car and although they should be making monthly payments they were late on the first payment and are late again?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if we sold a friend a car and although they should be making monthly payments they were late on the first payment and are late again?

Can we legally reposes the vehicle since we own it?

Asked on March 22, 2012 under Bankruptcy Law, Louisiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Whether or not you are entitled to repossess the car that you sold to your friend due to late payments depends upon whether or not the sales agreement or any other document signed by him or her allows for its repossession if payments are not timely made. As such, you need to carefully read all documents concerning the sale of your car.

If the sales documents say nothing about your entitlement to repossession then you cannot do so based upon the breach of the purchase agreement. Your recourse would be to sue for breach of contract.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption