lendee has missed a payment. my options?

[mattk01]

What is the name of your state (only U.S. law)? Illinois

Hello all

Here is the short story.

I sold someone a car for $1500.

They gave a great sob story.

They paid me $1k up front and I agreed to 5 monthly payments of $100 each. We wrote and signed a simple contract stating this.

Before the first payment was due, I learned the story was a complete fabrication and now I feel stupid for extending credit to someone like this.

They have been very difficult to get ahold of and the first payment date (7/26) was missed.

Even though there was no language in the written agreement for late payments, do I have any recourse for getting the full $500 immediately?

Small claims court?

Thanks!

MK

 

[Antigone*]

What is the name of your state (only U.S. law)? Illinois

Hello all

Here is the short story.

I sold someone a car for $1500.

They gave a great sob story.

They paid me $1k up front and I agreed to 5 monthly payments of $100 each. We wrote and signed a simple contract stating this.

Before the first payment was due, I learned the story was a complete fabrication and now I feel stupid for extending credit to someone like this.

They have been very difficult to get ahold of and the first payment date (7/26) was missed.

Even though there was no language in the written agreement for late payments, do I have any recourse for getting the full $500 immediately?

Small claims court?

Thanks!

MK

What did you do with the title of the vehicle?

 

[mattk01]

He has the title to the vehicle.

 

[Antigone*]

He has the title to the vehicle.

Then you do not legally own the vehicle and cannot repossess.

 

[mattk01]

I understand I can't reposses, but since we have a signed contract is there any recourse for forcing him to pay in full since his payments are late?

thanks for your time.

 

[Dandy Don]

Is he employed and can he afford to pay you or is he deliberately not paying you out of spite?

File a suit in small claims court--I predict that you will be the winner!

 

[Antigone*]

Is he employed and can he afford to pay you or is he deliberately not paying you out of spite?

File a suit in small claims court--I predict that you will be the winner!

...ah...so you're the one hoarding the crystal ball, Don. Hording the FA crystal ball is not cool

 

[mattk01]

"Hording the FA crystal ball is not cool"

haha...

He told me he has a job but at this point he has lied about so much that I don't know what to believe. I think he can pay, but so far we are about 10 voice mails and one visit to his house and I still don't have payment #1. I just don't want to do this for 5 months.

I will look into small claims court.

Thanks both of you for your time.