I Need Some Help - Repossesing a Vehicle

[AngliaGT]

Almost 2 years ago we sold our '94 GMC Suburban
to a co-worker.We carried the loan,& drew up a contract
on it.That was January 2007.We "sold" it for $6800.My co-
-worker was paying me $75/week,& was doing soon a constant basis.We are the lienholders on the title.
When we returned from vacation the first part of June,
I found out my co-worker was fired from his job,due to
drinking on the job (with stolen ingrediants).
I waited awhile,but finally called him.He told me he had
another job,& would continue paying me.I haven't received any
money from him sice the end of May.I didn't keep the best of
records,but I figure he owes me about $2500.
The question is,how do I go about reposessing it (in a
legal way)?

- Doug

 

[DeltaAir423]

I'd consult an attorney who's familiar with CA law. In GA, it's as simple as going down to the probate court with all supporting documents ie: contract (You did draw one of those up didn't you?), and bank records showing last received payment. From there it's a simple matter of filling out the paperwork, paying a fee, and collecting by your method of choice (personally or hiring a towing company). If you were to personally collect the vehicle, I'd have the county sheriff escort you while you're there. If you hire a towing company, make sure you bring all your paperwork with you, and that they understand that it's a repossession. Some companies might turn down the job because it's a repossession.

If he really wants the vehicle, it's a simple matter of demanding payment in full up front for the remaining balance, plus your expenses that you occured.

 

[Stewart]

Talk to a lawyer if you really want to go the repo route. You might be able to talk him into handing the truck over but I think your best bet may be to just take him to small claims for the balance.

In california to do a repo you have to be employed by a repo company so if you do go that route you are going to have to pay to have it done.

 

[Stewart]

Then again I could be wrong
https://law.justia.com/california/codes/bpc/7500-7500.3.html
<div class="ubbcode-block"><div class="ubbcode-header">Quote:]7500.3. A repossession agency shall not include any of the
following:
(a) Any bank subject to the jurisdiction of the Commissioner of
Financial Institutions of the State of California under Division 1
(commencing with Section 99) of the Financial Code or the Comptroller
of the Currency of the United States.
(b) Any person organized, chartered, or holding a license or
authorization certificate to make loans pursuant to the laws of this
state or the United States who is subject to supervision by any
official or agency of this state or the United States.
(c) An attorney at law in performing his or her duties as an
attorney at law.
(d) The legal owner of collateral which is subject to a security
agreement.
(e) An officer or employee of the United States of America, or of
this state or a political subdivision thereof, while the officer or
employee is engaged in the performance of his or her official duties.

(f) A person employed exclusively and regularly by one employer in
connection with the affairs of that employer only, and where there
exists an employer-employee relationship.
(g) A qualified certificate holder or a registrant when performing
services for, or on behalf of, a licensee.

[/QUOTE]

 

[DeltaAir423]

Stewart you were absolutley correct in your first post. Doug needs to hire out for the repo as per line (d).

 

[tomshobby]

I have used a collection agency with good results. I liked the fact that I did not have to deal directly with the problem. It did cost some but I felt it was worth the cost.

 

[weewillie]

or get a couple of big ugly guys with baseball bats to talk to him

 

[waltesefalcon]

Give the keys to someone you trust and let them drive over and pick it up. I've done some repos at my old job and never had a problem.

 

[lawguy]

Far be from me to give legal advice....outside Indiana.

First- check with a lawyer. Second- see if you can work it out amicably. Third- never, ever do anything like this again. Let professionals be the creditors. If a guy cannot get conventional credit, do you really think it is smart for you to extend it?

 

[JamesWilson]

If a guy cannot get conventional credit, do you really think it is smart for you to extend it?

I had something very simiar happen to me years ago. We had a fixed date to leave the country and had to sell. A "friend" bought it and six months later the money dried up. We later were able to contact them and go and get the car, but it'd been neglected, etc., and simply wasn't worth the hassle. Never again.