Posted by mick on February 27, 2002 at 20:32:51:
I didn’t want to go the repo route because of the paperwork so I decided to just treat it as a sale and got the owner to sign off on the title and I assumed ownership. I thought I could just get him to sign a letter surrendering the property, but that wasn’t true.
Getting a Trailer Back - Posted by Mick Magill
Posted by Mick Magill on February 26, 2002 at 16:03:51:
I financed a loan for a trailer and now the man that I financed the trailer for is moving and I am getting the trailer back. The title is in his name (State of Florida), but he is going to sign it over to me. Do I need to write up a letter detailing that the owner is turning the property over to the lienholder? I would appreciate any advice…
Mick
Would this classify as a Repo? - Posted by Steve W (WA)
Posted by Steve W (WA) on February 27, 2002 at 14:04:14:
Seems to me as though it would classify as a repossession. One piece of paper, and a title transfer. That is assuming that the T/B still owes.
If they owned it by fulfilling the note, and then you were getting it back after that, then I suppose the Release of Interest is appropriate.
I am still kind of new at this, but am I off here? Or perhaps it differs greatly state to state?
Re: Getting a Trailer Back - Posted by lyal
Posted by lyal on February 27, 2002 at 06:08:46:
Mick,
In this situation in the past I have used a “Surrender of Premises and General Release” (thanks Bill Bronchick). In my opinion, its also good to get a limited power of attorney (as well as the signed title) just in case something else comes up.
All the best, Lyal