Sold truck to firend, reposses
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QuestionCountry: United States of America
I sold a truck to a friend and had him sign legal papers for a 5 year personal loan. I also had a lien placed on the title of the truck. He still has 2-1/2 more years for repayment of the loan and is now in default.(2 months late) How do I repossess the truck and start legal proceedings to collect on the money still owed to me.
AnswerYou can sue in small claims but cannot repossess unless your signed documents allow that...
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