What is the name of your state (only U.S. law)? Massachusetts
On September 12th 2010 I sold a project car/hot rod to a friend after a long time of him begging me to. I told him everything I had done and replaced on the car, as well as everything that I knew was wrong with it. He paid me part of the money up front, with scheduled payments the next three months. He made the first two payments (late, but he did) and never made the third one claiming he fell into financial hardship.
I have since spent six months calling him every Friday when he gets paid asking for the rest of the money he owes me, originally with excuses but the last few months I get no response. I have now found out he traded in the car without paying it off and has been telling mutual friends I'll never see a dime from him.
I have a Purchase Contract detailing out names, addresses, all the pertinent information on the car (VIN, mileage, price, and sold in As-Is condition) as well as the payment schedule. This was signed by both of us and each person has a copy. The title is in his name so if he were to get in an accident with it I would not be legally liable.
I have written a Formal Demand for Payment, but wondering if this is the right recourse in the situation. I feel like it gets complicated with him having traded in the car (I assume illegally as he owes money on it?)
On September 12th 2010 I sold a project car/hot rod to a friend after a long time of him begging me to. I told him everything I had done and replaced on the car, as well as everything that I knew was wrong with it. He paid me part of the money up front, with scheduled payments the next three months. He made the first two payments (late, but he did) and never made the third one claiming he fell into financial hardship.
I have since spent six months calling him every Friday when he gets paid asking for the rest of the money he owes me, originally with excuses but the last few months I get no response. I have now found out he traded in the car without paying it off and has been telling mutual friends I'll never see a dime from him.
I have a Purchase Contract detailing out names, addresses, all the pertinent information on the car (VIN, mileage, price, and sold in As-Is condition) as well as the payment schedule. This was signed by both of us and each person has a copy. The title is in his name so if he were to get in an accident with it I would not be legally liable.
I have written a Formal Demand for Payment, but wondering if this is the right recourse in the situation. I feel like it gets complicated with him having traded in the car (I assume illegally as he owes money on it?)