Question posted in the General Law category relating to Gauteng
Good day. My son went into business with 2 other people and I bought 2 cars on terms through bank on my name for them to use. The agreement was that they pay the monthly installment over to me. The business failed and with Covid I have not received payments and the bank want the installments from me. These other 2 people did "rent" out the cars to someone else again, who did not pay the installments and disappeared with the cars. Nor they or the cars can be found. What can I do with regard to the first 2 people who had the cars to either get it back or get something sorted out with the bank, because now I must pay for vehicles which is not even in my possession and I do not have the funds to pay for the cars anyway.
Answer to the Question
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You're in a very sticky position, because the bank would sue you in terms of your loan agreement. You would sue your son's business in terms of your agreement with the business. The business would sue the people that they rented the cars to and would try to retrieve the cars, to give them back to you, so you could then sell them to pay the bank!
You need to know that the bank is going to sue you for breaching the instalment sale agreement and there is not a lot that you can do to stop that from happening.
You need to find the cars, one way or another, and then get them back!
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