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MShore
MShore, Attorney
Category: Legal
Satisfied Customers: 25285
Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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I sold a vehicle for payments of $300 a month for 12 months

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I sold a vehicle for payments of $300 a month for 12 months with a contract and me recorded on the title as a lein holder. The contract was witnessed and notized, it stated that if payment was past 30 days over due that I have the right to reposess the vehicle. I was paid for 3 months and now I haven't recevied a payment in 4 months. What rights do I have and how should I preceed?
Submitted: 5 years ago.
Category: Legal
Expert:  MShore replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. I assume you have already contacted the party in default in writing to notify him that he is in default and the vehicle may be repossessed as a result, if this is true you can move forward and repossess the vehicle. Once the vehicle is in your possession, you should then send another letter explaining that the party has a specified period of time to pay the loan off entirely, or you will sell the vehicle at auction or other means. Please let me know if you have any follow up questions.
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