Repo - or Not

[AngliaGT]

Back again to the '94 GMC Suburban that I sold to an (ex)-
co worker.He went for 6-12 months without a payment,made a
large ($800)payment,then non-payment for almost a year.
I sent a certified letter to him (which he didn't accept),
but have received two money orders for $50 each.The letter said that he had 30 days to make full payment of $1400 (the-
balance).I haven't cashed the money orders yet.
The guy has NO credit - so a loan is out of the question.
Do I repo the truck,or try & let him keep making payments?Part
of me feels sorry for him,in that he might need the GMC to get
to & from his job,but the other side is that we had a contract,& he broke it.
What should I do?

- Doug

 

[rick_ingram]

How much is still owed, excluding interest?

Had he attempted some communication with you, I would have said give him a chance.

He chose not to do so.

Repo time.

 

[DrEntropy]

No idea what your state's laws are, can you get legal advice? I'd be for retaking possession. And goin' after him for time/expenses... written contract? Notarized? His butt is in a legal sling if so.

 

[tomshobby]

At the very least it looks like you have lost a friend by his choice.

I would proceed with that in mind. If you had not sold him the vehicle would you have cut him a check for $1400?

 

[Guest]

How much has he paid you already?


Doug, FWIW, the truck is worth about $1400 now, get's 12-15 mpg and has little resale value. Hardly anyone wants a tank at a time when gas is almost $3 a gallon and folks are worried about the economy. Times are tough and as my uncle would say, " you never know what's cookin' in someone else's pot."

Sounds like he's tryin' to pay you, but might be havin' trouble. If I was in his spot and had a letter show up, I wouldn't want to hear any more bad news either. Who know's what's going on?????

He might be in a bad way. Depending on the situation, I might be inclined to wave the debt.

The greatest sign of strenth, power and honor is forgivness and mercy.


Besides, you can't take it with you, but you can DEFINATLY send it ahead. :wink:

 

[jessebogan]

Who has the title for the truck? If it is in his name already, re poing it might be tough. If you still have the title, who is paying for tags/insurance? If they are your tags, taking the tags cancelling the insurance, leaving him with a rolling shed might focus his payment attempts a bit.

 

[AngliaGT]

It's a '94 GMC 2500 (3/4 ton),with all of the options.
We sold it to him for $6800 in January '07.I had the trans-
mission & transfer case rebuilt,which cost us about $5,000.
We did make up a contract,& we're listed on the title
as lienholder.He's responsible for renewell fees,full cover-
age insurance,& upkeep on the vehicle.I checked with DMV,etc,
& I could reposses it at any time.
He lost a couple of jobs,& quit paying me.I received
the $800 after arranging for the repo guy to do his job.He
then contacted me,& I received the $800.I held off on the
repo,but it cost me $200,of which I added on to the balance.
He now owes me $1400, - $100 for the two money orders =$1300.
It would cost me $400 to have the repo guy go through with
it,which would bring the balance up to $1700.
If we have it repo'd,he might not have transportation to
work,which could mean losing his job,meaning no more payments.
Part of me says to be fair,& have compassion,but part of
me says that it's business - nothing personal.

- Doug

 

[JPSmit]

I'd actually suggest repo - seems to me that even with underemployed, he could have managed $10, $20 $50 per month, might not have been enough but would have been enough to indicate intent to do the right thing. That hasn't happened and any money that did come came under duress.

 

[tomshobby]

Doug, this is obviously very troubling for you in a few different ways.
Could you send a simple letter and request to meet at a neutral site to talk things over and see if a solution could be found?

If the guy is in serious financial trouble he might feel the entire world is against him. You could end up his best friend if he is in real financial danger because he will eventually want a good reference and you could be it.

 

[JPSmit]

Doug, this is obviously very troubling for you in a few different ways.
Could you send a simple letter and request to meet at a neutral site to talk things over and see if a solution could be found?

If the guy is in serious financial trouble he might feel the entire world is against him. You could end up his best friend if he is in real financial danger because he will eventually want a good reference and you could be it.

better answer than mine - thanks

 

[GregW]

Is the insurance up to date on the Suburban? If it has lapsed, I'd take the thing back immediately. Do you still have a key for it?

 

[Guest]

I'd actually suggest repo - seems to me that even with underemployed, he could have managed $10, $20 $50 per month, might not have been enough but would have been enough to indicate intent to do the right thing. That hasn't happened and any money that did come came under duress.

Doug, this is obviously very troubling for you in a few different ways.
Could you send a simple letter and request to meet at a neutral site to talk things over and see if a solution could be found?

If the guy is in serious financial trouble he might feel the entire world is against him. You could end up his best friend if he is in real financial danger because he will eventually want a good reference and you could be it.

better answer than mine - thanks

Must been "Fire 'n Brimstone" sermon day.

 

[scoutll]

I sold cars and such to friends and family "on time" before and at times it turned out with hard feelings on one side or both..
Over the years, my philosophy has evolved to the point where - if I sell something to a friend on a payment plan, and they pay me - GREAT.
In case they don't I'm prepared to consider it a gift. Easier for me all the way around. If they don't pay, I may be disappointed, but I won't stay angry.

 

[JPSmit]

I'd actually suggest repo - seems to me that even with underemployed, he could have managed $10, $20 $50 per month, might not have been enough but would have been enough to indicate intent to do the right thing. That hasn't happened and any money that did come came under duress.

Doug, this is obviously very troubling for you in a few different ways.
Could you send a simple letter and request to meet at a neutral site to talk things over and see if a solution could be found?

If the guy is in serious financial trouble he might feel the entire world is against him. You could end up his best friend if he is in real financial danger because he will eventually want a good reference and you could be it.

better answer than mine - thanks

Must been "Fire 'n Brimstone" sermon day.

actually sort of was - was talking about Jeff Foxworthy - you might be a redneck. Mine was " you might be a Sadducee" - was fun.

 

[Brosky]

There is only one way to buy or sell anything to a friend, if you want them to stay a friend.

That would be cash up front or no deal.

Anything other than that, let the seller/lender beware.