Q: Hello. Made a verbal car sale. The buyer has possession of the car but still owes over $10,000. I still have the title.
A:
Never give up the property until you get paid. You are not B of A, you don't finance loans to people for cars or anything else. Lending on cars with liens on them is a specialized field because repossession is often a problem and they have the associates that handle that, do you? Demand your money and if not paid, demand the car back. You may have to go to court to sue. Your paperwork will determine if you have the right to get the car back or just sue for a piece of paper that says he owes you $.
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A:
MORE INFO NEEDED.
YOU SHOULD NEVER DO WHAT YOU DID.
YOU COULD FILE IN SMALL CLAIMS FOR THE 10k.
YOU SHOULD CONTACT A LAWYER TO SEE IF S/HE THINKS YOU CAN REPOSSESS THE CAR.
A: If you have the title, you should be entitled to possession. Just as important, if you have the title, you are still liable for the use of the vehicle for up to $15k per person, $30k per accident for bodily injury, and $5k for property damage. Hope you kept your insurance active.
Robert P. Cogan agrees with this answer
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