Laws on private sale on a vehicle with mechanical problems
If you transferred the vehicle to a friend or family member for less than fair market value in order to avoid a creditor the court can nullify the transfer and the creditor can place a valid lien on the vehicle.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
If they send you a lien satisfaction then it's yours.
The answer is yes, if the creditor brings you to court on the matter.
There are several problems that can arise on a used 1999 Lincoln Navigator. These problems include: air suspension issues and excessive rotor wear due to the weight of the vehicle.
Fix it yourself. You obviously bought it 'as is', so there is no warranty and no guarantees that the vehicle is free from mechanical failures.
A creditor can seize any asset.
Collision coverage covers a loss due to a collision, i.e. damage to your vehicle caused when your vehicle hit an object, or an object hit your vehicle. Defects and mechanical problems are not covered.
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.