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What will happen if I strip parts off my car before it gets repossessed?
Wiki User
∙ 13y ago
If the bank or the entity that holds title to your car is repossessing the vehicle, that means that they own the vehicle and you have presumably agreed to make payments toward the ownership of that vehicle. If you strip it or damage it in any way, you are liable for the damage you have done, or the value you have removed from the vehicle. It gets worse. If you purposely or knowingly took value from the vehicle, the intent in which you acted toward this end will be seen by the court to cause greater penalties toward your actions.
My recommendation: Do what the law says is the right action. By stating that you did not know that your act was against the law will not hold up in court. Good luck.
Wiki User
∙ 13y ago
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Is it a criminal offense to strip and sell parts off a vehicle before letting it be repossessed?
Yes. The charge might be grand larceny depending upon the value of the vehicle, amount received for the parts and other extenuating circumstances.
What can they do if you strip a motorcycle before it is repossessed?
Strip??? as in no motor or tranny?? no wheels? Well, there are laws against doing so. Some states its a felony. BUT, the bottom line is MONEY. You cant sell the parts for what it cost you when the lender sues you for the deficiency balance. Good Luck you could be in serious legal trouble if you do that. however...were you to do that the individual parts would probably wind up getting you more money in the long run (if you dont get caught). the individual parts are worth more than the whole thing...just ask your local chop shop.
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No, there is a period of time they have to have it in their possession before they can apply for a tittle/ownership.
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