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Legal Question about a vehicle repossesion, sorta...
First of all, before I begin I wanna state that Im going to consult a lawyer to better find out the cold hard facts, but not yet and am curious what other people have to say.
I have a 2001 Chevy Silverado 2500.
I bought it from a friend, because he bought a brand new truck and was hard up for cash because he was having issues paying two truck payments, not that it matters.
I already had several vehicles, really didnt need this truck but the price was right so I got a loan on the truck, payment was only $150 a month.
A friend of mine really wanted the truck, so I told him to get a loan for exactly what I paid for it and he could have it. After trying about 20 different places, he couldnt get approved. We have been friends since grade school, and pretty much inseperable. I considered him my best friend, until recently.
He had several repo's on a car he previously owned and his payments were only $71 a month, and has had no other credit history..
So I told him that he could make payments to me on the truck and he could drive it, and when my loan was paid off he could pay the extra $ to transfer the title, license etc. into his name.
So Ive got this truck:
Title / loan in my name
License plates / Registration in my name
Insurance in my name
Now, he's horrible at making payments on time, ALWAYS late.. Ive warned him several times, its getting worse.
We also agreed that he'd pay me $350 a month so that the loan would be paid off quicker, and he's never been able to do that, and either pays 150-200 a month.
He has a steady job, has worked there for 7-8 years, and makes $600-700 a week.
He wrecked the truck, the front end is torn up, the passenger front door, passenger rear door, and bed of the truck on the passenger side is completely smashed. The tailgate is destroyed from a D-ring hitting it when trying to be pulled out of the mud, and the rear bumper is destroyed. All of which is damage caused by him.
i am not trying to hold him liable for any damage to the vehicle
Now, theres alot of drama going on as to which why were not really friends anymore, like for example, he fuucked my girlfriend (ex), he started getting into drugs (coke), and hes been extremely shady, lying about everything etc.
So its gotten to the point that I am going to confront him, and tell him he has 30 days to pay off the remainder of the loan ($2,600ish)
If he cant come up with the money, the truck needs to be sold within those 30 days, or after 30 days the truck will be repo'd by me, and sold for exactly the amount to pay off the loan, which he would lose any of his equity in the last year and a half + that he's been paying on it.
I am also considering taking the license plates off of it, since they are mine. So that I am not held responsible for any bullshiit he's doing.
Now Im fairly sure that this is in my favor when it comes to legality because he is in no way tied to this truck, his name isnt on anything.
But his dad lawyers up to everything under the sun anytime something doesnt go his way so I can see him trying to start shiit with me.
I am going to consult a lawyer in a few days when I get some free time and can set up an appt.
Whats your opinion on this?
I have a 2001 Chevy Silverado 2500.
I bought it from a friend, because he bought a brand new truck and was hard up for cash because he was having issues paying two truck payments, not that it matters.
I already had several vehicles, really didnt need this truck but the price was right so I got a loan on the truck, payment was only $150 a month.
A friend of mine really wanted the truck, so I told him to get a loan for exactly what I paid for it and he could have it. After trying about 20 different places, he couldnt get approved. We have been friends since grade school, and pretty much inseperable. I considered him my best friend, until recently.
He had several repo's on a car he previously owned and his payments were only $71 a month, and has had no other credit history..
So I told him that he could make payments to me on the truck and he could drive it, and when my loan was paid off he could pay the extra $ to transfer the title, license etc. into his name.
So Ive got this truck:
Title / loan in my name
License plates / Registration in my name
Insurance in my name
Now, he's horrible at making payments on time, ALWAYS late.. Ive warned him several times, its getting worse.
We also agreed that he'd pay me $350 a month so that the loan would be paid off quicker, and he's never been able to do that, and either pays 150-200 a month.
He has a steady job, has worked there for 7-8 years, and makes $600-700 a week.
He wrecked the truck, the front end is torn up, the passenger front door, passenger rear door, and bed of the truck on the passenger side is completely smashed. The tailgate is destroyed from a D-ring hitting it when trying to be pulled out of the mud, and the rear bumper is destroyed. All of which is damage caused by him.
i am not trying to hold him liable for any damage to the vehicle
Now, theres alot of drama going on as to which why were not really friends anymore, like for example, he fuucked my girlfriend (ex), he started getting into drugs (coke), and hes been extremely shady, lying about everything etc.
So its gotten to the point that I am going to confront him, and tell him he has 30 days to pay off the remainder of the loan ($2,600ish)
If he cant come up with the money, the truck needs to be sold within those 30 days, or after 30 days the truck will be repo'd by me, and sold for exactly the amount to pay off the loan, which he would lose any of his equity in the last year and a half + that he's been paying on it.
I am also considering taking the license plates off of it, since they are mine. So that I am not held responsible for any bullshiit he's doing.
Now Im fairly sure that this is in my favor when it comes to legality because he is in no way tied to this truck, his name isnt on anything.
But his dad lawyers up to everything under the sun anytime something doesnt go his way so I can see him trying to start shiit with me.
I am going to consult a lawyer in a few days when I get some free time and can set up an appt.
Whats your opinion on this?
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