Auto Reposession

[spctrbytz]

What is the name of your state? Texas

I sold a vehicle to tn individual several months ago, and she contacted me via e-mail and stated that the vehicle was broken and she did not intend to continue making payments.

What are the proper steps in reposessing a vehicle? What can I do to satisfy the debt?

Thanks,

Tony

 

[JETX]

LOTS of problems.....

"I sold a vehicle to tn individual several months ago,"
*** Was this sale done under a promissory note?? Did the promissory note include a 'security interest' in the vehicle?? Did you retain the original title??
If no to the first two, you have NO rights to repossess (recover) the vehicle.

"and she contacted me via e-mail and stated that the vehicle was broken and she did not intend to continue making payments."
*** Okay.

"What are the proper steps in reposessing a vehicle?"
*** See above. You very likely do NOT have any rights to recover the vehicle. Further from the sound of it, you probably wouldn't want the vehicle back anyway.

"What can I do to satisfy the debt?"
*** If the amount is $5000 or less, go down to the small claims court in HER county and file a lawsuit against her. If the amount is over $5k, then you need to talk with a local attorney. One final consiseration... if you do get a judgment against her, the fun will come when you have to try to collect it.

 

[spctrbytz]

JETX,

Thanks for the quick reply. The vehicle was sold with a simple note, stating the total amount and the schedule of payments. The phrase 'seller shall retain a security interest in the property' is in the note.

The title is a clear Texas title, and I am listed as a lienholder.

The buyer stated that the vehicle neede a new engine computer, and that the part would cost $900. I looked for the part in question and found a salvaged unit for $100.

Further complicating matters is the location - 150 miles away. I intend to have a local mechanic shop in her area tow the vehicle and repair it prior to my picking it up.

Do you see any obvious 'gotchas'?

Thanks,

Tony

 

[JETX]

First 'gotcha'. The shop probably won't touch the vehicle due to the 'question' of possession/ownership. And most shops don't to recoveries.

You might consider contacting a repo company in that location and having them recover the vehicle first. They might even transport it to the shop for you (for an extra fee, since they will forego their normal 'compensation' for impound).

Finally, once you do recover the vehicle, you are going to have to offer the buyer the chance to pay the fees and for her to recover the vehicle. And if she doesn't, you are going to have to decide whether you are going to keep the vehicle (and foregive any other compensation) or to sell the vehicle at auction and try to recover any deficiency on the sale.