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What to Do if You Owner-Finance a Vehicle Sale and the Buyer Stops Paying

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  • 02-14-2018, 06:47 PM
    Jmdysonjr16
    What to Do if You Owner-Finance a Vehicle Sale and the Buyer Stops Paying
    My question involves collection proceedings in the State of: Louisiana

    I owner financed a utv for a guy and made a contract with him stating that if he doesn't pay monthly notes that the utv would come back to me and he would lose all money paid on it. The title is still in my name and he has quit making payments and dodging me for a few months. I know I can take him to small claims court and try to get my money but he voided the contract and the utv should come back to me but I recently found out he sold the utv so I can't get it back now if I wanted. Can I file chargers on him for selling a utv that wasn't registered to him?
  • 02-14-2018, 07:56 PM
    adjusterjack
    Re: I Owner Finaced a Utv for a Guy and He Stopped Paying
    You're free to call the police but I'm guessing that they will tell you it's a civil matter and they won't do anything.

    I'm also guessing that your buyer won't tell you where the utv is so good luck getting it back (even if your contract was properly written to allow it).

    I'm also guessing that seller financing for a guy who didn't have cash and couldn't or wouldn't get a loan means that if you get a judgment you aren't likely to ever be able to collect.

    Sorry I don't have better news for you.

    Had you come here first and asked if this was a wise deal to get into you would have had 100 people telling you it wasn't.
  • 02-14-2018, 08:30 PM
    L-1
    Re: I Owner Finaced a Utv for a Guy and He Stopped Paying
    I don't know if its possible in your state, but sue him in small claims court, win a judgement and then sell the empty debt to a collection agency for five cents on the dollar. They will hound the man for years and every time he acquires something of any value, (like a car) they may be on his door step to have it seized and auctioned off to help satisfy a portion of the debt, all while the uncollected remainder continues to collect interest.
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