Question


Grocery...

My neighbor and I entered a contract for my boat 2 years ago and now he's stopped paying?

Here's the history; I lost half my income 2 years ago, my neighbor wanted my boat so I drew up an agreement that included wording "like lessee agrees to make monthly payments of "x" until the lien is satisfied. If payments are not made consistently by the 3rd of each month, the lessee agrees to forfeit all rights and monies payed and ownership of boat will remain with lessor". Well, for the past 2 years only 1 time did he make the payment by the 3rd usually by the 20th with a "late fee"and now he hasn't made Sept payment until yesterday with a check in my mailbox "Unsigned and dated for November". There are other stipulations of the contract such as maintenance and repairs he is not adhering to probably due to lack of wording. I don't know what to do, he is my neighbor but we aren't "close" and I want to get along with him but I really don't think I can re-assume making the payments myself yet but don't want my credit ruined either so I am gonna have to try. I have thought about "re-writing" the contract and tightening up the dates and requirements and offering him a second chance or else I will "re-posses" the boat and sell it out-right if I can get enough to pay it off. His credit is not good enough to get a loan on the boat and it really isn't worth what is owed. Please help with legitimate suggestions what to do. I live in Kentucky.

2 months ago - 4 answers

Best Answer

Chosen by Asker

I would go get it and put a for sale sign on it, You have every right to take it back and sell it. Just do it , he is not going to change his habits.

by Terry Socia

2 months ago

Asker's Rating: 

Other Answers

Hey, be lucky you have someone paying you.. Maybe not on date, but the guy makes the payment eventually. I would try to work with the guy and make the usual threats ( I will repossess, etc.. ) Let him think your a nice guy for not repo'ing it... If you do, decide to repossess - GOOD LUCK trying to sell an expensive boat in this economy.. Let it be a lesson, never sell something to someone that lives right across the street from you..

by Debbo- 2 months ago

You have various options available - you can void the agreement and repossess the boat, you can demand specific performance (via the courts), or you can approach your neighbor and explain the situation (i.e. you must receive payments in a timely manner by the 3rd of the month because the loan payments to the lienholder are due, etc. and that you need him to maintain the boat, etc.). Friendly approach is probably your best bet.

by Rita Gibbons- 2 months ago

you cant 'rewrite' the contract you and he signed the agreement 2 yrs ago and if he has defaulted as you say, you can repossess it and, after having done so, resell it, hoping to get someone else to make the payments if you want to notify him in advance that would a good thing to do but he is aware that he is in default at least that might give him warning that you plan to do somethingif he doesn't get up to speed

by tro- 2 months ago