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I have an employee that I assigned a car to, registered in his name. I will be terminating him prior to the car being paid off by company that has a value still owned of 7500.00. I am lien holder on the title. Can I take this car back during termination, as we he will no longer work for the company.
Answer
Get legal advice as to how to do this properly. You may need a signature from him at the time of termination. Then, get some advice on how to sensibly set this up for future employees. Just as a fellow person, I am not sure about how the registration made sense.
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One day past the grace period is permissible.
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You start getting letters from a collection agency then guys like me buy out your contract & repossess you if and when seen.
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