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Can a private party get a vehicle title as collateral on a private loan?
Wiki User
∙ 8y ago
In short, yes. You just have to sign a legal agreement that the person that currently owns the car is willing to put up the title of the car as collateral for the private loan. Make sure the person who has the loan possesses the title and has filed a lien with the Department of Motor Vehicles.
*Always consult an attorney for legal matters.
Wiki User
∙ 8y ago
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How do you get a car back when the buyer has missed two payments if you are a private party and do not have the title but do have a bill of sale?
The person whos name is on the TITLE as OWNER gets to keep the car IF no one has it as collateral for a loan in DEFAULT.
When you sell a vehicle to a private party and they sign the title are you responsible for the vehicle yet?
It depends. If you have sold the vehicle to the "Buyer" and you have a security interest or "Lien" against it, then yes. The "Buyer" is responsible. If they decide not to pay, then you will have to take them to court to remove their name from the title.
Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Do both owners have to sign vehicle title to use it for collateral?
It may depend on what state you are in, but normally, if the title reads John Smith AND Jane Smith, both parties have to sign. If the title reads John Smith OR Jane Smith, either party can sign.
Do I pay taxes on a used car purchase from a private party?
Sales Taxes - most places - yes....collected when you register/title vehicle.
If someone buys a vehicle from a private party and is making payment to said party how does he get tags on the vehicle?
The private party needs to pony up and give you a title with a lien that has his name on it. Then, when he is paid off, he would give you a paid in full receipt where you could go remove the lien from title. The lien protects him from the possibility that you would sell the car without giving him what he is owed AND removes his liability should the car be involved in an accident.
Could you inform me about title pawn loans?
A title pawn loan is a method of using your vehicle title as collateral for cash. Its mostly done when you need money and don't have time. You can give your vehicle for a certain time to and get cash for it.
Your vehicle has a lien can you borrow money?
A small loan company may use your title as collateral for the loan but the loan is relatively small. A bigger institution would not accept your vehicle as collateral because of the lien to another agency.
If you have the title to your vehicle can the bank still repossess it?
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
How do you repossess a vehicle in Texas when the purchaser has sold the car to a third party before payments were made in full and are now delinquent?
Are/were you listed on the TITLE as leinholder? Do you have a written contract listing the vehicle as collateral? If no to these two uestions, you should call a local attorney NOW.
Who holds title of a private party sale while still making payments?
The private seller holds the title until paid in full, he should transfer the title to private buyers name and place a lien on title then the title will be mailed back to the private seller and once vehicle is paid the seller signs off on the lien and mails the title to the buyer. A contract/bill of sale should be signed by both parties to the payment agreement established for the protection of both parties.
Can there be 2 lien holders on a vehicle title?
Where I live the title can have Lien filed on it by anyone who has worked on or supplied parts for a vehicle. Also liens can be filed by any bank or lending institution who can get you to sign a form using the vehicle a s collateral.
