Legal Question in Real Estate Law in Washington
I sold my car on a verbal agreement, yeah I know I should not of took the word of someone but I have known them 15 yrs, they gave me half the cash upfront, were suppose to sell their old vehicle and pay off the balance. They added a car stereo for $1800.00 purchased new tires etc. ok that's all fine and on them however they sold the old vehicle never paid me the payoff and said they loaned the vehicle to a a friend,,so ok time goes on they made a few more chucks of money to me and all the sudden did not pay me the rest..The car was to remain in my name until paid off, so when the person did not pay me and refused to call me etc I called the police for help, nothing they can do but I am the legal owner so it took me a few days calling around etc I found my car at someone's house where it was more or less hidden out I walked up and took it.
I have not heard from the person until recently that they want the stereo, tires etc......I can see both sides here and would like to offer them to just pay it off and they can have it, I have no interest in the car I drive for my job and this is a sports car that eats gas...Now it's just sitting not being used.
my question is can I keep the contents? I owe on a bank loan for the car so I am responsible for the rest of the balance and full coverage insurance.
1 Answer from Attorneys
I think you were really lucky that you managed to get the car back as you did. Not only that, but since you were able to recover the car, now you are not the one who is screwed here by selling it on a verbal contract. So, if I were you, here is what I would do.
Call the buyer, and tell him he has whatever period of time you want to give him, 30, 60, 90 days, to come up with the balance due and then you'll turn the car over to him. If he refuses or cannot come up with the balance within that time frame, tell him that you are simply going to sell the car on eBay. If you get to the point of selling on eBay, hire a professional to list the car for you. Someone who knows how to write up an excellent description, put all the pretty graphics, etc.
Once the vehicle sells, frankly, you could keep the total proceeds, since your friend has no contract to enforce. That said, assuming you want to do what is fair, after you pay off what is owed to you (or your bank), eBay for it seller fees, and whomever you hired to list it on eBay, then you can turn over the balance to your friend.
This is exactly how a bank would treat the situation if this were a car loan repo.
After this, just know that mixing money and friends or family is never a good thing. If you do it, be prepared to consider the money a gift, otherwise, when trouble comes up with payments, you will wind up in this situation. You're an incredibly lucky guy in the sense that you were able to locate and collect your car and hopefully it is in decent enough shape that you can still sell it for at least what you owe on it and what is owed to you. Most folks in your position are not so lucky. Best of luck to you!
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