If I sold my tool and tool box to my friend for $15k and he put 5k down but never made a payment for 8 months, do I have to pay him anything if I reposssed them?
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If I sold my tool and tool box to my friend for $15k and he put 5k down but never made a payment for 8 months, do I have to pay him anything if I reposssed them?
He put 5k down and never made another payment. After 8 months of his run around stories I took the box and tools back. I see it as if I bought a car and didn’t pay and they repoed it, I wouldnt get my down payment or anything back from them. There were never any written contracts and the money was cash.
Asked on July 8, 2012 under Bankruptcy Law, Pennsylvania
Answers:
Andrew Goldberg
Answered 12 years ago | Contributor
Yes. If you repossessed the tools and tool box, the friend no longer has the consideration for which he was entitiled to under the contract. Perhaps minus a fair monthly rental amount for the 8 months you did not have the tools or tool box, you should return the deposit. By that, perhaps you and he can agree that youu will keep $1600 and return $3400. Taht seems equitable.
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