Legal Question in Credit and Debt Law in New York

Re: motorcycle title

I am guessing you mean "LIEN" and not "LEAN"...

You stated you bought the cycle on credit and there was no LIEN on the title...you sold the cycle (free and clear) and now they want you to pay the entire balance due accelerated to 20 days because...you sold the cycle? I guess they are afraid that since there is no security on the loan you could stop at anytime and they have no recourse (nothing to seize)...You would have to look at the agreement to see if they can speed up the payments...they may have the right to do so if you sell the cycle...then again, what can they do if you don't? Sue you? THey would have to explain the lack of a security interest in the cycle, but again the agreement might allow them to do just what they are claiming. READ THE AGREEMENT CAREFULLY ESPECIALLY THE PARTS THAT TALK ABOUT DEFAULTS...when you do something you are not supposed to do, or don't do something you are supposed to do...they have remedies...

SO, the answer is they can do whatever the agreement allows them to do...since you don't provide a copy of the agreement I cannot give you a definite answer...and even if I had the full text of the agreement to read, there are always more than one way to interpret the terms. They'd say SURE WE CAN DO THIS OR THAT and someone else might say.. NO WAY! Good luck..