What are a leinholder’s rights regrading the repossession of a vehicle?
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What are a leinholder’s rights regrading the repossession of a vehicle?
I sold a motorcycle to a friend. I have the title and am listed as the lienholder on the title. I have not received payment for over 6 months, with multiple requests for payments to be resumed. What can I do now? I am considering repossessionof the vehicle. What guidelines must I follow?
Asked on January 13, 2011 under Bankruptcy Law, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Do you have a loan agreement or a purchase agreement? Any form of a contract to evidence the lien and payments that are due and owing? You need to take whatever documents you have to an attorney to review. You have to follow the laws within your state and the terms of the agreement. You want to reposses the vehicle and there are laws regarding repossession that you must comply with. Do not attempt to do this on your own. If you do it improperly then you can get yourself in trouble. But I surely hope that you have some type of contract that shows what he or she must pay each month and that you asked to resume payments in writing. Good luck.
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