Legal Question in Real Estate Law in Missouri
We sold a vehicle tosomeonefor 5,000.00 with a signed agreement that they'd make 250.00 per month payments until all paid. Soon after, they dropped to 200.00 a month and are now down to 100.00 per month. We have the title. They have missed several months, over the time they've had it, paying at all.would it be worth our time and effort to try and get the vehicle back? Thank you.
1 Answer from Attorneys
Your authority for repossession will be altered or affirmed by the specifics of the sale agreement. Assuming you can, decide what the value would be. You will need to sell it, or return much of what they paid. By selling it, you can determine your loss, and whether the current purchaser is due any money back. How much is the car worth now? Compare that to how much is still owed. If it is worth more, you may have to give the current purchaser some money back. If they still owe more than what it is worthDoyou may be able to sue for some of the difference. Do not attempt repossession on you own, if it isn't safe. It may be better to hire a professional.
Good luck
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