Ask Me Help Desk - Private party leinholder

I am trying to recover a vehicle that I let a man make monthly payments to me . I am not a finance company or bank. I'm a private party leinholder and so its states so on the title, the man is a month behind on his payment, I want to repo vehicle and hold it till he can come up with the money to catch up or payoff balance in full. I got in touch with him 2 weeks ago and asked him the reason why he was late on the payment. He said his hours at work had been cut back by 10 hrs, and was sick a couple of days and didn't go to work. I explained that when I miss work or am sick myself, my bills don't stop coming and still have to be paid. I asked him to bring the vehicle back to my house and pay payment or I would have to come get it. I have tried to get in touch with him since then and he will not call back or try to even contact me. When I last talked to him when I asked him to come to my house to make payment I told him I would if he continued to not try and make payment I would have to come and get it. He said I couldn't because I didn't have a key to get it, cause he changed the inginition switch and has the only key. I called the police dept. and asked them what the laws were on a situation like this and the cop said they can't make him give me the keys to it. That he has to voluntarily give me the keys. Other people say that with private party leinholders you can go repo vehicle if even 1 day late, and it is solely upon the leinholders descretion. Does anyone know about this or have experienced a similar situation?

Quote:

Originally Posted by welchstacy76

i am trying to recover a vehicle that i let a man make monthly payments to me . i am not a finance company or bank. im a private party leinholder and so its states so on the title, the man is a month behind on his payment, i want to repo vehicle and hold it till he can come up with the money to catch up or payoff balance in full. i got in touch with him 2 weeks ago and asked him the reason why he was late on the payment. he said his hours at work had been cut back by 10 hrs, and was sick a couple of days and didnt go to work. i explained that when i miss work or am sick myself, my bills dont stop coming and still have to be paid. i asked him to bring the vehicle back to my house and pay payment or i would have to come get it. i have tried to get in touch with him since then and he will not call back or try to even contact me. when i last talked to him when i asked him to come to my house to make payment i told him i would if he continued to not try and make payment i would have to come and get it. he said i couldnt because i didnt have a key to get it, cause he changed the inginition switch and has the only key. i called the police dept. and asked them what the laws were on a situation like this and the cop said they can't make him give me the keys to it. that he has to voluntarily give me the keys. other people say that with private party leinholders you can go repo vehicle if even 1 day late, and it is solely upon the leinholders descretion. does anyone know about this or have experienced a simular situation?

Did you say what State you are in?

Do you have a written agreement and what does it say?

In "many" States you can simply repossess the vehicle - hire a tow truck and take it back. No, you cannot force him to give you the keys.

A better way to handle it is Small Claims Court because you never know how these "repo" things are going to turn out.

Again - what State -?

Judy is correct, it will depend on your state laws.

Some require a right to cure notice prior to repo, some do not.

Where you live will determine the proper answer.

Thanks for your answer, I talked with a real lawyer yesterday and he told me to repo it anytime I like. It was recovered last night at 11:30 and is now in my possession. Thanks!

Quote:

Originally Posted by welchstacy76

thanks for your answer, i talked with a real lawyer yesterday and he told me to repo it anytime i like. it was recovered last night at 11:30 and is now in my possession. thanks!

What did you do about the keys?

Just curious: As I understand this: you sold a vehicle, it is titled in the purchaser's name, and you have a lien. The purchaser defaulted, and you have repossessed the vehicle. How are you going to get title in your name? What are you going to do next?