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Old 05-20-2012, 10:51 PM   #1
ZizouTriumph
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Owner finance gone wrong...

So i let an "alleged friend" take over payments and after a couple of months he has been making late payments therefore affecting my credit. In one instance he was late on the payment over 30 days.

I mention this because when we did a formal contract between 2 parties, him and me, one of the provisions was that if he was late on the payment more than 2 times, therefore affecting my credit with my lender i would be within right to repossess the bike.

I want to take the bike back but i have already gotten the notion that he's not going to be civilized about it.

Is there any legal provision i can use to get it back? Should i involve and call the lender? Any help is greatly appreciated...
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Old 05-20-2012, 11:07 PM   #2
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If its in paper yes.
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Old 05-20-2012, 11:09 PM   #3
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Good luck!
My initial thought is that the lender is NOT going to care. Their agreement is w you not your "friend". They will be looking at you if a payment is missed. One of the big risks w owner financing, especially if its something that they themselves are still financing...
Worst case: Tell friend to return bike or you will report it stolen
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Old 05-20-2012, 11:17 PM   #4
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Hope everyone is paying attention.
DO NOT DO THIS.

EVER!!!!
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Old 05-20-2012, 11:18 PM   #5
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Good luck!
My initial thought is that the lender is NOT going to care. Their agreement is w you not your "friend". They will be looking at you if a payment is missed. One of the big risks w owner financing, especially if its something that they themselves are still financing...
Worst case: Tell friend to return bike or you will report it stolen
+1 for this. Basically if his name isn't on the lean then the lender is basically just going to tell you "tuff " when they report your credit rating. Tell him to give return it and honor the agreement or call the police and have them examine said agreement papers then escort you to his house to retrieve it. Or if you have a spare key just go get your back from him when he's out riding it lol.
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Old 05-20-2012, 11:32 PM   #6
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Did you have any reservations about doing this before you "friend financed" for him?
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Old 05-20-2012, 11:42 PM   #7
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Its obviously too late to "NOT DO THIS".

I just want to find out if there's a peaceful way to go about it. If i have to show up with a sherrif to reclain my property then i'll do just that.

Yeah, the whole agreement is on paper with his signature on it.

Is there a specific thing i should ask for in court or from a judge to get an order of replevin and that way i just have to go with a sherrif and reclaim my property?

I know he keeps it in his garage, so i can't just show up and grab it, he works way too far for me to look for him at work during the day.

Thanks again for all the advice.
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Old 05-20-2012, 11:43 PM   #8
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dude. friend.

Sounds like you are screwed even if you try and report it stolen. It's on paper, kinda sounds like a civil case.
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Old 05-20-2012, 11:56 PM   #9
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Friends. haha, like this is always bound to happen
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Old 05-20-2012, 11:58 PM   #10
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I hope you get your bike back =/
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Old 05-21-2012, 12:01 AM   #11
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sorry to hear about your "friend"...the way i see it, if the bank isn't OK with financing someone, why should I be??? My name is Paul, not Wells Fargo
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Old 05-21-2012, 12:10 AM   #12
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We could set up a motohouston gun show/swapmeet on his front lawn. Pester can bring his pointy boots.
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Old 05-21-2012, 12:10 AM   #13
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And financing your bike to someone else is probably in violation of the terms of your agreement with the original lender.
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Old 05-21-2012, 12:16 AM   #14
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Quote:
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And financing your bike to someone else is probably in violation of the terms of your agreement with the original lender.
This! Do not tell your lender. Have an attorney send him a letter, or just go get the thing.
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Old 05-21-2012, 03:47 AM   #15
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Quote:
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And financing your bike to someone else is probably in violation of the terms of your agreement with the original lender.
Quote:
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So i let an "alleged friend" take over payments and after a couple of months he has been making late payments therefore affecting my credit. In one instance he was late on the payment over 30 days.
in court 2 party blank paper contract doesn't carry much weight unless its notarized. I learnt that the hard way.

situation, because if you talk to him then he will have an idea that you are upto something. If you have a cop friend, take him with you. Deny having the contract and accuse him forging your signature on his contract paper. Cop will tell him to take the contract to court but rite now hand over the bike. (this is where you will deny to file charges) ride your bike home and then if he does peruse in court, you have a good case in your hand.
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Old 05-21-2012, 05:11 AM   #16
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This is a civil matter. If he's breached the contract then you can get relief in small claims court. A LEO is not going to help you reposes the bike without a court order.
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Old 05-21-2012, 05:16 AM   #17
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in court 2 party blank paper contract doesn't carry much weight unless its notarized.
I don't know what a "blank paper contract" is but most contracts are signed without being notarized.
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Old 05-21-2012, 06:20 AM   #18
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I don't know what a "blank paper contract" is but most contracts are signed without being notarized.
But most are also signed by a witness as well for the same purpose.
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Old 05-21-2012, 06:24 AM   #19
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Quote:
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But most are also signed by a witness as well for the same purpose.
A lease is a contract. How many times have you had one witnessed by a third party and or notarized?
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Old 05-21-2012, 06:43 AM   #20
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call the cops and tell them you are repoing the bike. then go get it, make sure you have title and agreement with you.
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