Selling a car privately can be a great way to get the most money possible for the vehicle. When you sell a car to someone, it is important to make sure that you know what steps to take to ensure that you can legally repossess the car if the person stops making payments. The following guide walks you through everything you need to know about being able to repossess a car that you have sold to someone.
Create a Legally Binding Contract
The first thing you need to do is to create a legally binding contract between you and the person that is buying your car. Be sure to list the person's name, their address, the year, make, model, and color of the car. Detail when the payments for the car are to be made and the agreed upon amount in the contract. Be sure that the contract is dated and have it notarized so that the person and you are legally bound to it.
Send Written Notice
Send a certified letter that states that the person has not been making their payments and that you will have the vehicle repossessed by a specific date if he or she does not make a payment. You want to send the letter through certified mail because the person will have to sign for the letter in order to receive it. This will allow you to have proof if you have to take the person to court that you notified them of the repossession before it happened.
Keep Records of Your Costs
If you do have to repossess the car, be sure that you keep records for every expense you incur. It is best to hire a private towing company, such as Tri City Towing And Recovery, to go to repossess the car for you. This will lower the chances of an altercation taking place and ensure that the vehicle is removed from the property without being damaged. The towing company will need to see proof that the vehicle belongs to you and know where the vehicle is located and where you want it transported to before the repossession can take place.
Once you have repossessed the vehicle, you can take the person to court to be repaid for the costs that you incurred due to the repossession. You will need to provide proof that the person did not make their proper payments and provide receipts showing how much the towing and storage costs you paid were.
Share22 September 2015
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