I purchased a horse trailer in a private sale for $5,000 and made a verbal payment arrangement with the owner who at the time of purchase said that I could make monthly payment with no specified amount. My first payment was on 8/17 and as of 9/8 my payments totaled $850. On 10/9 (one month and one day later) after not receiving a payment the seller came and repossessed the trailer for 'non-payment'. Is that legal? Should I be able to recoup my $850?
I was also told that the seller should have signed the title over to me from the beginning and added himself as lienholder. Is this true? If so, I feel robbed!
Thank-you for your time~
Answered on: 10/11/11, 10:54 am by Gregory Kash
There are some facts i am missing, like when the purchase took place. However, it appears as though the terms of the sale were so broad that the seller/ repossesor overstepped his bounds. You may be able to recoup your losses in small claims court. Your arguement is that the contact was ambigious, and you were not in default under the contract. Alternatively, your argument is that the contract was void for vagueness, and you are entitled to a return of your funds. And yes, the owner should have passed title to you, with a lienholder's interest.
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