Legal Question in Credit and Debt Law in Missouri

loan gone bad

My friend wanted to purchase my motorcycle, but was unable to obtain a loan for the full amount. I offered him a payment plan. I was foolish for not insisting on a notorized contract. I can no longer contact this person, who refuses to take my phone calls. Should I report my motorcycle as stolen? What options do I have?


Asked on 12/12/06, 1:31 am

1 Answer from Attorneys
Anthony DeWitt Bartimus, Frickleton Robertson & Gorny, PC

Re: loan gone bad

If you signed over the title and he has licensed the vehicle, and you failed to preserve your lien on the vehicle, reporting the vehicle as stolen will likely get you in trouble. What you should probably do instead, provided the bike was less than $3,000, is sue him in small claims court. Contracts do not have to be notarized. As long as you have something in writing from him promising to pay you for the bike, you could sue him.

Good luck.

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Answered on 12/12/06, 9:15 am


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