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Chris T., JD
Chris T., JD, Lawyer
Category: Family Law
Satisfied Customers: 4779
Experience:  I have assisted many customers and clients with their family law questions and I'm experienced in family law litigation.
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I'm going through a brake up & separating property. My ex

Customer Question

I'm going through a brake up & separating property. My ex purchased a Atv for my son 2-3yrs ago. He still owes $2000. My ex said he would write a letter documenting he gave my son the Atv. My concern is if my ex stops paying the payments can the creditors repo it?
Submitted: 11 months ago.
Category: Family Law
Expert:  Chris T., JD replied 11 months ago.

Hello. I'll be happy to assist you.

To answer your question directly, it depends on the loan agreement with the business that sold him the ATV. Some agreements allow repossession if payments are missed. Some agreements only allow the business to sue the buyer. However, him writing a letter stating that he's giving it to your son has no bearing on whether or not it can be repossessed.