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  1. #1
    Join Date
    Sep 2009
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    Unhappy How Can I Repo a Vehicle That Was Collateral for a Personal Loan

    My question involves an auto loan or repossession in the State of: NY

    I loaned my sister $4000 to buy a car in NY. I live in TN. We have a written agreement (that I wrote up) that makes the car collateral in case she doesn't make the payments on time or skips a payment. She now has done both and from conversations with a 3rd party, know she won't be making next month's payment either. How do I legally go about repossessing the car?

  2. #2
    Join Date
    Sep 2005
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    Default Re: How Can I Repo a Vehicle That Was Collateral for a Personal Loan

    If you're not on the title, and don't have a lien, you need to be thinking of small claims court as opposed to "repossession".

  3. #3
    Join Date
    Apr 2009
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    Inland Empire
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    Default Re: How Can I Repo a Vehicle That Was Collateral for a Personal Loan

    Quote Quoting sdavis117
    View Post
    My question involves an auto loan or repossession in the State of: NY

    I loaned my sister $4000 to buy a car in NY. I live in TN. We have a written agreement (that I wrote up) that makes the car collateral in case she doesn't make the payments on time or skips a payment. She now has done both and from conversations with a 3rd party, know she won't be making next month's payment either. How do I legally go about repossessing the car?
    You cannot legally repossess this vehicle since you are not the lienholder. The agreement means nothing when it comes to the collateral since she does not legally own the collateral.

    As the other poster suggested, small claims would be your best bet. Check your state for the statutory max.

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