Help me, please.

[mendonza]

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

I sold my car to my husband's co-worker. We agreed that he could make payments of $350 a month, and until the full balance of $2000 was paid off, the car would remain in my name.
We drew up a contract, and the terms of sale are as follows.
1. $350 a month starting September 2011 until the balance of $2000 is paid in full.
2. Any sales tax due for this sale will be paid by the buyer.
3. The sale of this vehicle is "AS IS"
No warranties offered.
I signed, he signed.
He paid $100 on 9/9/2011.
On 9/23/2011-$200.
That totaled out at $300, not the original $350 that was agreed upon.
We are currently in October, and he has not made a payment this month.
It was due 10/7. I have been trying to contact him for 3 days now, as he has not been at work.

My question is- what are my options on repossession, and if he were to wreck it today...would I be held responsible?

 

[OHRoadwarrior]

Yes, you would be responsible if it is in your name. I would repossess (if in your name) the car and change the lock on it. You might need to give him the $300 back. I would keep it for wear n tear though.

 

[Free_Advice]

You should not have sold a car in such a manner ~ he could have gotten a loan from a bank and then paid you.

Now you are stuck ~ small claims for the money.

I don't think you can repo the car w/o following the procedures for doing it, if you can even do it.