Consumer Law, Warranties Buyer not paying for sale of motorcycle

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crperrington

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We sold my husbands motorcycle on craigslist in Oct 2008. The buyer came to our house and picked up the bike. I wrote out a contract stating he had to make monthly payments in the amount of 250.00 each month until the sale amount was paid off. It was not notorized. My husbands signed the title over to the buyer so the buyer could register it in his own name and insure it. But my husband kept his own name as the lien holder, this was all done at the MVD. Since then we have had to email the buyer every month asking for payments. The buyer has not paid in the past 3 months. He has also moved into a new house since then and will not contact us back with his new address. We have tried emailing him, calling him and even found him on facebook and has sent him messages there. He only has 900 left to pay, what can we do to get either the bike back or make him pay the remaining money? (oh, i also listed in the contact in which my husband and the buyer both sold that if we had to take the bike back due to non payment then we would not have to pay him back on what he has already paid)

any suggestions? we do not want to do court but can we legally find where he lives and get the bike back? What can we do?
 
(oh, i also listed in the contact in which my husband and the buyer both sold that if we had to take the bike back due to non payment then we would not have to pay him back on what he has already paid)

I'm glad you mentioned that because it is some common myth. Implicit in any contract is the notion that if you lose the asset to non-payment you DO NOT get a refund for money paid. Except as mentioned below......

If you perfected your lien as you sound like you did, just contact a repossession company and have them find the bike. It will cost you $250-$500. They will want a copy of the Note, a copy of the title with lien (you can get that at the MVD), and a letter from you saying that the payments are in default and you give him/her the right to repossess the vehicle. (That is what we do in my state, they will tell you if there are any different criteria).

The repo man will find the bike (he can pull the MVD registration address and if you got the guy's SS# it will help). Then one day in the middle of the night this man will wake up without a motorcycle.

Good luck, check your state laws. Sometimes if a person has paid more than say half of a vehicle off when it has been repossessed you have to sell it at public auction and take your outstanding balance plus repo fees plus admin fees and if their is anything left over you have to give it back to him as equity.
 
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