First, sorry for the long title of the thread, just trying to be descriptive.. here is my situation:
I bought a motorcycle 2 years ago. After about 6 months I decided I no longer wanted it (shocker) but owed more then it was worth and was strapped for cash. I has friends who had found a third party to take over payments for their bikes, and the third party would make payments until the motorcycle was paid off, and then the third party would get ownership. Though I know this is not the smartest thing, I went this route.
I drew up a contract and had it notarized in my home county, the third party lives in a different county. They agreed to make all payments, be responsible for DMV fees and Insurance, and keep the bike in the home state of California. For about a year, everything went smooth, but about 4-6 months ago they missed some payments. They got on a payment plan, but just this last month missed 2 big payments, and now I can only reach the wife of the third party. The creditor is calling me because they cannot reach the third party (I authorized him to talk to the lender) and they are now talking about repossessing the motorcycle.
With the notarized contract in place, what options do I have? Can I sue for breach of contract? What suggestions or options are there?
I bought a motorcycle 2 years ago. After about 6 months I decided I no longer wanted it (shocker) but owed more then it was worth and was strapped for cash. I has friends who had found a third party to take over payments for their bikes, and the third party would make payments until the motorcycle was paid off, and then the third party would get ownership. Though I know this is not the smartest thing, I went this route.
I drew up a contract and had it notarized in my home county, the third party lives in a different county. They agreed to make all payments, be responsible for DMV fees and Insurance, and keep the bike in the home state of California. For about a year, everything went smooth, but about 4-6 months ago they missed some payments. They got on a payment plan, but just this last month missed 2 big payments, and now I can only reach the wife of the third party. The creditor is calling me because they cannot reach the third party (I authorized him to talk to the lender) and they are now talking about repossessing the motorcycle.
With the notarized contract in place, what options do I have? Can I sue for breach of contract? What suggestions or options are there?
