Legal Question in Credit and Debt Law in Georgia
Auto repossession
In Feb. I sold an automobile to an indiviual with a type written signed and witnessed contract stating that the balance was to be paid no later than July. The balance was not paid and this week I chose to preform a repo. Do I have to, by law, accept the remaining money owed at this point? Our contract states that I can repossess the car and nothing further.
1 Answer from Attorneys
Re: Auto repossession
The first question is whether your documents even create a valid security interest and right to repossess. Just adding a provision that you can does not make it valid. Moreover, just because you have a right to repossess (IF you have the right) does not mean you get to keep the vehicle and any equity, over and above the amount you are owed. Working out a resolution with the other person is often a wise thing to do.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
