Q: Oral agreement using car as collateral, repayment when tax refund received. Payments made but car not returned.
I entered into an oral agreement to use my car as collateral for an $800 loan, with the understanding that I would repay the loan when I received my tax refund. I have made two $400 payments, as shown in my bank statements, but the person holding my car has not returned it. I have no witnesses to the agreement. What are my options to get my car back?
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A:
It seems like you're dealing with a tricky situation involving a verbal agreement and no physical proof of the arrangement. Since the agreement was oral, it can be more challenging to enforce, especially without witnesses. However, the payments you made are important evidence that you followed through on your part of the agreement.
The first thing you should do is try to resolve the issue directly by reaching out to the person holding your car. Present the proof of your payments and ask for the return of the car, referring to the terms you both agreed upon. If they are unwilling to return it, you may need to send a formal demand letter stating that you expect the car to be returned in accordance with your agreement.
If this doesn't work, you may need to consider taking legal action. You can file a small claims case in Colorado to recover your car or seek a judgment for the return of your property. It may be beneficial to consult with a legal professional to explore your options and ensure you're following the correct legal steps.
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