Can I reposess this vehicle?

[Mew1953]

I live in Mo. and on Feb 24, 2001 , I sold a GMC Van for $7,500, the party who bought the vehicle made a down payment of $4,000, and signed a contract to make Monthly installments of $250 dollars per mo. Thus far I have received one payment on 4-4-01 of $200 dollars. I was also informed that the buyers insurance has been cancelled 4-18-01. I sent a certified letter stating that i would need to see proof of insurance by 5-8-01 , or he would need to pay the oustanding balance of $3,200 dollars by that date . He has not made any attempt to speak to me written or verbal regarding this situation. What can I do to protect my Interests now?

 

[I AM ALWAYS LIABLE]

My response:

Was the vehicle re-registered with the buyer as the registered owner, and you as the lienholder ?

What does your WRITTEN contract say concerning late payments, or failure to pay ?

IAAL

 

[Mew1953]

I am the lein holder , and have possession of the title until vehicle is paid in full.

 

[nursered]

If you are the leinholder and you have a writtem contract that is signed by both parties, depending on what you contract states regarding default of payment, then you just as any other lender have the right to repocess the vehicle. I would check with my local justice court first, or local law enforcement agency to request a standby while you pick up the vehicle. do no wait too long, especially if the insurance is lapsed.
I am not an attorney-
good luck