My question involves an auto loan or repossession in the State of: Michigan.
Here is my situation, I sold a car to a friend of mine for 6500.00 and wrote up a contract that stated he would pay me 1500.00 at signing and 1500.00 15 days later, and then 300.00/month for 12 months.
Well we signed the contract he gave me the check for 1500.00 and made the first payment of 300.00. both checkes cleared. he gave me a check for the other 1500.00 and it bounced....
and of course two months later I have not seen any payments or the rest of the down payment (1500.00). I have tired to contact him by phone and of course the check is in the mail..
To protect myself I still have the title in my name and a spare key. Can I just go take it back or do I have to give him notice? I'm afraid if I give me a notice of repossion or something like that he will destroy it..
Please help on what I should do. I don't want to break the law, and end up hurting myself, and I don't want to rely on him having insurance..