Personal Repossession

[Lrosie]

What is the name of your state?

 

[Lrosie]

What is the name of your state?

I live in OKLAHOMA. In Aug 2017 I borrowed money to help my neice buy a car. She has repaid the Tag, Title and Tax, nothing else. She is currently living in MS. I put a lien on the title, in case she didn't pay me back. Now I feel it is in my best interest to get the vehicle back and resell it (if she hasn't destroyed it). I have no idea how to start the process or what it will cost me.

 

[adjusterjack]

Generally, you have to have a contract that allows you to repo the car in the event of a default. Otherwise you just get to sue for the money owed. Repo laws are complicated and differ from state to state. Your first expense will be to pay a lawyer in MS for advice on whether you can or cannot repo the car given the arrangement you have with your niece. You might have to go to court in MS before you get the car back. You might not.

 

[LdiJ]

Generally, you have to have a contract that allows you to repo the car in the event of a default. Otherwise you just get to sue for the money owed. Repo laws are complicated and differ from state to state. Your first expense will be to pay a lawyer in MS for advice on whether you can or cannot repo the car given the arrangement you have with your niece. You might have to go to court in MS before you get the car back. You might not.

I agree. A lien on a title just means that the title cannot be transferred until the lien is released. It, by itself, does not confer any repo authority.