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?
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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 12 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.
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