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If your car loan has been charged off can you request the title?
Wiki User
∙ 8y ago
no they dont charge off car loans it would be repossed by the bank first.
This is untrue. I am in this situation- the loan was charged off and the car *has not been repossessed*. Does anyone have an answer?
Well, yes, you can REQUEST it. But you won't GET it. "Charged off" in just an accounting entry that keeps the bank from overstating its assets and anticipated income by removing loans that they do not expect to collect from their balance sheets. They still hold a lien on the vehicle and you cannot get a clear title.
What some shady folks do in this situation is to get trusted shop or friend to file a mechanic's lien on the vehicle that exceeds the value of the car. So say someone has a car worth $3000 at the wholesale price, a sketchy type will get an auto shop owned by buddy or their shade-tree mechanic brother-in-law to place a mechanic's lien on the car for $3200 (for either overpriced or non-existent work) and execute the lien.
Bank will not mess with claiming their stake, as the car is only worth 3K to them in addition to expenses and hassle of recovering. This is because the bank would be forced to pay the mechanic's lien of $3200 and be left with a car worth only $3000. Shop or buddy then signs the title over to the original buyer for usually a few bucks and everybody is happy except the bank.
Wiki User
∙ 8y ago
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How do you get a title for a car that has a loan rolled up in bankruptcy?
Once you have received notice that the creditor has been paid in full you can contact the owner of the loan and request the title. They may want to see that they have been paid in full in writing via the trustee. It is really not that hard to get the title. Good Luck!
After the vehicle title has been issued can the bank request a change of title and have the cosigner added.?
In most states, yes, the lender is actually the 'owner' until the loan is paid off and can require that the cosigner be on the title.
What happens to the title after a car loan is charged off?
After you pay off a loan, the title is usually sent to you, and leins are dropped. This will vary from instance to instance though. Ask your loaner.
what is the maximum amount of money i can request for a title loan ?
Usually a title loan is based on the current market price of the vehicle. Usually 25% of the price is what you can get a title loan for. Before you sign anything make sure you take the time and read all the small print and ask lots of questions. Some Title loan places will have you pay back 2 or 3 times what the original loan was for. Be careful.
What Charges Are Charged During Of The Business Loan Process?
The charges charged on business loansare typically comprised of an application fee, a loan origination fee and the standard third party fees such as, appraisal, title, and environmental. Non-real estate transactions will frequently not require title, appraisal, or environmental fee.
Can you get a title loan on a salvage title?
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
What is a title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
Can I get my name off the title and loan of my ex-son in law's van if he still has a loan on the van?
The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.
What if co-buyer pays off loan and primary buyer has possession who gets title?
The title will go to the address that is on the contract. Usually it is the primary buyer. You can call the finance company and ask for the Title department and request them to send the title to an alternate address.
Can you refinance your 1st mortgage if you have a home equity loan?
Yes. You must either pay off the home equity loan separately or with the refinance, or you must request that your home equity lender "subordinate" your loan. This means they sign a written and recorded agreement that allows your new first mortgage to be recorded on title in place of the old one and the home equity lender agrees to state "subordinate" to the new first. Your refinance loan officer or title company can make this request for you.
Why has your vehicle been repossessed if you are up to date on all title loan payments?
Call the loan company and ask them. If you are up to date on your loan you have a case against them.
What is Title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
