overabarrel
Junior Member
What is the name of your state? Oklahoma
A friend took over payments on a vehicle I was buying because I could not afford the payments. He has now defaulted on the purchase agreement. I have tried for the past month to reposess the vehicle. After a long process of finding and getting in touch with him we found out that he loaned the vehicle to a friend of his and was waiting for them to return it. Today we found out that the vehicle was wrecked dec.29. And he defaulted on the insurance on dec. 1st. He has stated that he will pay for the repairs to the vehicle. Also we have a typed and signed purchase agreement stating what the monthly payments were, when they were due, the full payment amount of the loan, and of course signatures of all involved. My question is he liable for the full amount of the loan also? Can we sell the truck and sue him for the remainder? Or do we have to keep the truck, sue him for the full amount and give him back the truck? And if we can sell it what guidelines do we need to follow to set the selling price? The loan amount on the truck is around $10,500.00. Any help or advice you can give me would be helpful.
A friend took over payments on a vehicle I was buying because I could not afford the payments. He has now defaulted on the purchase agreement. I have tried for the past month to reposess the vehicle. After a long process of finding and getting in touch with him we found out that he loaned the vehicle to a friend of his and was waiting for them to return it. Today we found out that the vehicle was wrecked dec.29. And he defaulted on the insurance on dec. 1st. He has stated that he will pay for the repairs to the vehicle. Also we have a typed and signed purchase agreement stating what the monthly payments were, when they were due, the full payment amount of the loan, and of course signatures of all involved. My question is he liable for the full amount of the loan also? Can we sell the truck and sue him for the remainder? Or do we have to keep the truck, sue him for the full amount and give him back the truck? And if we can sell it what guidelines do we need to follow to set the selling price? The loan amount on the truck is around $10,500.00. Any help or advice you can give me would be helpful.