I sold a car in April 2008 to a private party & took the note back. They were to pay $250 per month.

Last month received payment on the 21st for the month of October 2008 (due October 2, 2008).

This month, I have rec'd no payment.

I want to take the car back. The private party is willing to, but wants me to reimburse them for repairs made to the car from April - November 18, 2008 without ANY consideration for the miles that they have driven the car.

Can I reposses this car for a payment 17 days late?
Am I at all responsible for reimbursing the repairs done while the car was in the new owners possession?
I want to avoid being taken to small claims court. If 17 days late is not enough time, how long to I have to wait, not receiving a payment, to take the car back?

Quote:

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Originally Posted by cqubed

I sold a car in April 2008 to a private party & took the note back. They were to pay $250 per month.

Last month received payment on the 21st for the month of October 2008 (due October 2, 2008).

This month, I have rec'd no payment.

I want to take the car back. The private party is willing to, but wants me to reimburse them for repairs made to the car from April - November 18, 2008 without ANY consideration for the miles that they have driven the car.

Can I reposses this car for a payment 17 days late?
Am I at all responisble for reimbursing the repairs done while the car was in the new owners possession?
I want to avoid being taken to small claims court. If 17 days late is not enough time, how long to I have to wait, not receiving a payment, to take the car back?

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What does your note say about late payments and repossessing the car?

Default: If borrowers do not pay the Note as agreed Borrowers will be in default.

Lender's Rights: If an attorney is engaged by the Lender to enforce this Note, borrowers shall immediately pay to lender on demand all attorney fees & other costs incurred by lender.

General Provisions: This Note has been executed & delivered in the State of CA & shall govern & be construed in accordance with the laws of the State of CA.