My question involves a consumer law issue in the State of: Texas
My wifes business loaned an employee money when a shady dealer tried to repossess the car. As part of the loan agreement, my wife wrote up a contract that says the amount financed, percentage, and monthly payment. As part of the agreement, the contract says that if the employee quits or is terminated, the outstanding balance is due or the employee must turn over the car. My wife also has the lien on the title (registered in the employees name). She may have to terminate the employee in the very near future due to performance issues.
If she terminates the employee, does she have to give any amount of time for the employee to pay the balance or could she repossess it immediately if the employee doesn't have the money. Any gotchas in the contract that she may have missed or needs to address?
Thanks,
Potito
My wifes business loaned an employee money when a shady dealer tried to repossess the car. As part of the loan agreement, my wife wrote up a contract that says the amount financed, percentage, and monthly payment. As part of the agreement, the contract says that if the employee quits or is terminated, the outstanding balance is due or the employee must turn over the car. My wife also has the lien on the title (registered in the employees name). She may have to terminate the employee in the very near future due to performance issues.
If she terminates the employee, does she have to give any amount of time for the employee to pay the balance or could she repossess it immediately if the employee doesn't have the money. Any gotchas in the contract that she may have missed or needs to address?
Thanks,
Potito
Repossession: My Wifes Business Loaned an Employee Money for a Car - Repossesion
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