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Instead of hoping for accurate anecdotal advise from random forum posters, you really need to talk to a local lawyer.
Most Bar Associates will give out the name of a lawyer willing to give 15-30 minutes of free advise (their Pro Bono work). Find out what laws in your specific jurisdiction will supersceed the terms of an individual contract.
This is good advice. Buyer may also get fast advice from the AG's office.
I'm virtually certain that a 48 hour late payment/repossession clause would not withstand judicial scrutiny, but as noted, only an attorney's opinion is really relevant. That said, the 21 year old should just give up this charade and return the bike to the owner. Its not going to end well.
Tend to agree with Edward - call this a difficult learning experience and give the bike back. Don't know how much is owed, but filing a lawsuit costs money and time as well. Owner may be just as happy to get the bike back. And honestly this young person's life could be made exceedingly miserable if he were to have an accident with this bike since he has zero idea if the owner is carrying insurance, or if he's listed as a driver (doubt it) - so even if he has insurance coverage may be disclaimed based on this shaky set of circumstances. Is this young person ready to self insure if they damage someone else's property or life?
Tend to agree with Edward - call this a difficult learning experience and give the bike back. Don't know how much is owed, but filing a lawsuit costs money and time as well. Owner may be just as happy to get the bike back. And honestly this young person's life could be made exceedingly miserable if he were to have an accident with this bike since he has zero idea if the owner is carrying insurance, or if he's listed as a driver (doubt it) - so even if he has insurance coverage may be disclaimed based on this shaky set of circumstances. Is this young person ready to self insure if they damage someone else's property or life?
Insurance is a completely different issue. If the young man is riding a motorcycle without insurance, that's a disaster waiting to happen. The main party in trouble is the seller, because if the buyer has an accident, he will be brought into any litigation since he owns the motorcycle, even if the buyer has his own policy.
Actually filing a lawsuit is not expensive, particularly if it can be filed in Small Claims court. My wife is an insurance attorney, so I've learned a lot about these issues over the years.
Wouldn’t it be amusing if the bike was stolen? How do you really know? Either get a separate loan and pay off the 40 yr old plus take notarized title, or return the bike and consider the past payments as rent.
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