Yes, IF the lender has a contract specifing the car as collateral for the loan. Once you use the car for collateral, all the titles in the world wont stop the repo if you default the loan.
When an automobile is issued a salvage title, the automobile can never get a clean title. The salvage title will always remain with the vehicle.
Yup!
Apparently, it is legal for the owner -- in this case, the title holder -- to repossess an automobile so long as the repossessing agent does not break the law in the repossession process.
You DON'T have the title if you have used as collateral, remember, you signed it over to the them.....Yes, they can get the vehicle
Automobile title loans is a good thing to use when in need of an auto car loan for yourself. To learn more about this information on auto loan you can check www.pinksliploan.com/Vehicle-Title-Loan.
AnswerUntil the loan for the vehicle is paid according to the loan/lender's agreement the title will not be given to the borrower. The loan on the vehicle is still valid and the borrower is still responsible for payment.AnswerIf the creditor opted not to pick up the vehicle, you can file a Small Claims listing yourself as the Plaintiff and the creditor as the Defendant, and put that you are seeking "0.00" in damages and that you are requesting a Declaratory Judgment that the creditor has abandoned its interest in the vehicle, and you request the Court order the BMV to issue you a new, clean (i.e. lien-free) Certificate of Title on the vehicle. I have had several clients do this and I have never seen a creditor show up and defend the lawsuit as long as you don't ask for money but just ask the Court to order the BMV to give you a new title. Then, you get a clean title to the car for whatever the small claims filing fee is.
Yes. That's a common misunderstanding by a lot of people. You are responsible for the entire loan amount. The vehicle title is held as security for the loan but any amount that is not covered when the vehicle is auctioned off is still owed.
Not sure what is intended by "clear" but whether or not the vehicle can be seized depends upon a couple of issues. The most important one being how the vehicle is titled. If the names on the title are separated by the word "or" then each person has total ownership of the vehicle and may take whatever action they choose without the other owner being a part of it. That would mean the vehicle could be subject to seizure by a judgment creditor. If the names are separted by the word "and" the vehicle is owned jointly and no action including creditor judgment can be taken without the consent of the other owner. The other issue is whether or not the vehicle is protected by the exemption laws in the state where it is registered.
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
The bank holds a lien on the title of the vehicle. If you default on the payments, they can reposses it. This is a civil issue, and is handled as such. Unauthorized use of a motor vehicle is a criminal charge which doesn't apply to a civil situation.
Under a lease arrangement, the financier keeps the automobile's title. The customer usually makes monthly payments and has an option to buy the vehicle at the end of the lease period.
Can who make you sell it? If he filed bankruptcy and his name is on the title, you will need to go to court and show documentation that you are the only one that made the payments. Also, you will want to get his name off the title ASAP. * It is not relevant as to who makes the payments on the loan. The wording of the title determines ownership of a vehicle. If the title is jointly owned with the names separated by the word "or" the vehicle is considered owned separately by each named party and can be subject to a judgment creditor or bankruptcy action. If the names are separated by the word "and" the vehicle is jointly owned and in most instances cannot be partitioned. If it is a matter of bankruptcy, the vehicle exemption may or may not protect it from being seized by the trustee. If it concerns a repossession or attachment by another creditor and the person named on the title is the judgment debtor, the exemption also applies with the exception of the lender themselves.