I Feel So Used........

[ILS1]

I sold my old truck to a guy at work. I've known him for awhile. He told me he really need one bad because him and his wife are sharing a vehicle!! I felt kinda sorry for him so I sold it to him cheap!!! He couldn't come up with all the money so I allowed him to pay me in payments. He gave about 60% down. I'm holding on to the title until the entire debt is paid. I wasn't worried,I know he was good for it. Plus,I know where he works!! LOL!! Come to find out a week later,he turns around and sells it to another guy at work and makes a $1300 PROFIT!!! I still have the title should I ask for a share of that money since the vehicle is still legally mine and has not changed hands. He supposed to pay me the rest of the money tomorrow!!!






:eek:

[pirate44]

Originally posted by ILS1
I sold my old truck to a guy at work. I've known him for awhile. He told me he really need one bad because him and his wife are sharing a vehicle!! I felt kinda sorry for him so I sold it to him cheap!!! He couldn't come up with all the money so I allowed him to pay me in payments. He gave about 60% down. I'm holding on to the title until the entire debt is paid. I wasn't worried,I know he was good for it. Plus,I know where he works!! LOL!! Come to find out a week later,he turns around and sells it to another guy at work and makes a $1300 PROFIT!!! I still have the title should I ask for a share of that money since the vehicle is still legally mine and has not changed hands. He supposed to pay me the rest of the money tomorrow!!!






:eek:
that was a rotten exploitation of your generosity, unfortunately i believe a verbal contract has to be honored. i think your legally bound to it. you should ask though and make it know he is jeopardizing a friendship if he doesnt share in the profit.


LEGAL AND BINDING CONTRACTS (http://www.flabar.org/tfb/TFBConsum.nsf/0/b602a1159d3529ba85256b2f006c5ee2?OpenDocument)

[Phil C]

Originally posted by pirate44
that was a rotten exploitation of your generosity, unfortunately i believe a verbal contract has to be honored. i think your legally bound to it. you should ask though and make it know he is jeopardizing a friendship if he doesnt share in the profit.


LEGAL AND BINDING CONTRACTS (http://www.flabar.org/tfb/TFBConsum.nsf/0/b602a1159d3529ba85256b2f006c5ee2?OpenDocument)


But the amount may exceed the verbal amount. What I mean I think there is a law that amounts over a certain amount has to be in writting. Probably he needs to talk with an attorney.

[pirate44]

Originally posted by Phil C
But the amount may exceed the verbal amount. What I mean I think there is a law that amounts over a certain amount has to be in writting. Probably he needs to talk with an attorney.
and thats a florida website anyway:doh: i wouldnt mess with an atorney unless you know one who will give you free advice.
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i'll ask my brother. he went to law school for a while and i think he took a class in contracts.

[LH Panther Mom]

That's horrible that he took advantage of you that way. :(

[Bandera YaYa]

I agree....what a jerk! :mad:

[AggieJohn]

i would call a pro-bono lawyer...

[pirate44]

i consulted with my brother and this is what he had to say:



OK here is what the Statute of Frauds states

Contracts, in many instances, do not have to be in writing to be legally binding. However, a rule known as the Statute of Frauds requires that some contracts must be written to be valid. Under Texas law, contracts involving the sale of real estate, contracts concerning the sale of goods worth more than $500, contracts that cannot be performed within one year, contracts to pay off someone else's debts, and marriage contracts must be in writing.

So if he sold the truck for $500.01 or more AND they did not sign the title yet, then technically there is no contract. Give back the down payment and get the car back.

[HighSchool Fan]

maybe i'm the odd man out, but the way i see it, you made a deal with him. what is the difference if i owe the bank $1000 on my truck and sell it for $2000? do i give the bank extra money?

[pirate44]

Originally posted by HighSchool Fan
maybe i'm the odd man out, but the way i see it, you made a deal with him. what is the difference if i owe the bank $1000 on my truck and sell it for $2000? do i give the bank extra money?
you're not the odd man out HSF. i agree with you, i jsut think it's a rotten thing someone can do after you do them a favor. but you are right. he didnt have to sell it.

[Ranger Mom]

Originally posted by pirate44
you're not the odd man out HSF. i agree with you, i jsut think it's a rotten thing someone can do after you do them a favor. but you are right. he didnt have to sell it.

I also have to agree!! My ex-father-in-law paid $1,500 for an old 1976 Ford truck for my son, my son got a another vehicle and was able to unload the old Ford for $2,000.....little different scenario, I know,but you get the drift.....when he told his grandfather about it his only comment was, "I got out cheap"!

I think you might want to rethink your choice of friends because I don't blame you in the least for feeling used!

[AP Panther Fan]

I think that you should probably go ahead and sign the title over to him when he pays you in full since a deal is a deal. I would also tell him how dissappointed you are in his actions since you were trying to do him a favor by selling it to him in the first place for such a low amount. I would go on to say that you were fully aware that if you REALLY wanted to sell the truck you could have sold it for much more, as he did.

Oh well, live and learn. I hope he buys a LEMON!:D