Consumer Law, Warranties motorcycle verbal contract

[mwalker50]

Purchased Motorcycle with friend of 30+ years. purchase price agreed to $6000.00. No payment agreement made other than verbal monthly amount of 300.00. Lost job in Dec 2009 spoke to him, Was agreed to catch up when obtained work. Have receipts totaling $4900.00. Rode with him last Thurs. (he holds title I carry insurance and bike is registered to me all is current)
Sat AM some guy shows up at door stating bike is being repossed. Stated he bought bike for $1500.00. Police did not enforce and I have bike stashed. What are my rights??? Have offered to try to make a payment of 300.00 it was refused he is calling in balance due. Our verbal agreement was very clear No time stipulation to pay off bike, Monthly payment verbal, Change when job loss occured this was don with no written or verbal notification.
WHAT CAN I DO???? HELP LOVE MY BIKE

 

[jharris352]

Is there any writing at all between you? Emails, anything? Did you do a bill of sale? He can not "repo" the bike even though he has title, you have possession and could claim that you have paid him off. Even if he did repo the bike, you have paid more than half of the cash price and he is likely required to sell it at public auction, take the proceeds owed to him and pay you the remainder.

You say this is a friend of 30 years? I would call him and ask what's up? You can play as dirty as he is playing if you want. Claim the bike is paid off at 4900 and demand title. Threaten to sue him for the title and if he wants to "settle up" make a deal with him that you can live with and WRITE IT DOWN!!!

The simple fact that he retains title does not give him right to the bike, believe it or not. You should have a bill of sale though. Tell us more about this situation if that doesn't help.