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Auto Loans and Repossession Creditor actions following late payment or default on motor vehicle loans.

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Old 05-09-2008, 07:20 PM
dave waters dave waters is offline
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Default Lien Repossession
My question involves an auto loan or repossession in the State of: Mississippi

I have a lien on a motorcycle and owe the lien holder about 2500.00 the bike is worth 10,000.00 I have paid the other 7500.00. Now the lien holder wants 5000.00 for him to sign over the title. The lien holder is an ex boss and an ex old friend we have no agrement or payments in writing (big mistake). He now lives in another state (TN) and is telling me that he holds all the cards and if I dont pay him, he will come here and repo the bike. I have no problam with paying him what I owe, I have since stoped paying. all payments where made in cash

Does he have the right to just come and repo the bike?
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Old 05-11-2008, 06:52 AM
Mr. Knowitall Mr. Knowitall is offline
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Default Re: Lien Repossession
He has to follow the law. You are helping him out by failing to make payments due.

Pay him off and, if he doesn't give you title, sue him to obtain title.
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Old 05-11-2008, 07:03 PM
dave waters dave waters is offline
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Default Re: Lien Repossession
He will not take payments unless it is cash and will not sign anything saying that I made a payment.

Can anyone tell me what the Lien Laws are in MS.
Does he have the right to repossess just because he wants the bike
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Old 05-19-2008, 11:16 AM
dave waters dave waters is offline
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Default Re: Lien Repossession
Can Anyone help???
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