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Can a lender repo your car if you have a clear title with no lienholder?
Wiki User
∙ 8y ago
Can a lender repo your car if you have a clear title with "0" lienholder? YES, its called a "Perfected Security Interest".Can a lender put themselves on a title as lienholder without your knowledge?":Not likely, I've never heard of a lender trying it. How would they know your VIN on your car unless you borrowed MONEY against it? Do you think they just pick a random number and decide to put a lien on it?? NOT. No candy for you today. Merry Christmas
Roosta, I like reading your replies. Shows you have a good sense of humor. this, if you have clear title, no lienholders, how can they repo the vehicle and sell it without the title.Now I was told the title is legal possession and no one can put themselves on as leinholder without any paperwork from the owner.Now the lender stated this was an unsecured loan and it needs to be secured by going to DMV, paying $40.00 and list them as lienholder. This was not done. My contract with the dealer states I paid cash for the vehicle. I have not been late for 2 years and could well afford the car when I bought it. I have a chronic illness, and lost my job. I have no income and was living off my savings. Still waiting for SS which takes forever. I asked the lender for an extention on the loan for just a few months and they refused. They want the car. The repo man has been around but the car is in a locked storage building. I plan to file bankruptcy when the money comes in. I have always paid my bills and was responsible with my credit. I bought my own house which I am also 5 months behind, but are willing to work with me as I have owned the house for 11 years and not once was I late on any payments. Two lawyers cannot even answer the question. How can they repo the vehicle and sell it without the title or them listed as a lienholder?
The car is not being driven as I had to drop the ins. on it as I could not pay that either. I wouldn't take a chance like that, but I have to protect the vehicle since there is no ins.I am between a rock and a hard place. I am not a deadbeat, just trying to hang onto what I've work so hard for. The money will be coming in, just not as soon as I would like it. I live in the NE and also doing without heat. I've always worked for what I had and don't expect handouts.I hate to see people calling others deadbeats when certain situations are unforseen. We never know what the future holds.So you repo guys out there, have a heart and just be nice when you have to pick up a car. You shouldn't get a thrill out of someone else's heartache.
Wiki User
∙ 8y ago
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Can a lender repo a car after 5 years?
The statute of limitation expires five years from the last payment. They can't repo the car, but they don't have to give you a clear title either.
Can a lender repo your vehicle if they are not the lienholder if they are not the lienholder on title A different lender is the actual lienholder Any recourse against me by the second lender?
Confusing, but there are a number of scenarios where this might be possible. First, if the lender is the lender on the vehicle, the ARE a lien holder. They may not have "perfected" the lien, that is registered it with the state, but that is an easy matter for them to rectify. Second, if they are not the lender on the vehicle, and there is no other lien holder, provided they have a judgment, the court may order the surrender or sale of other property to satisfy the debt and the judgment. Third, if you have two vehicles with the same lender, and you are defaulted on one but current on the other, the lender may choose to do what is called a"converson of collateral." If so, then the lender may repossess the vehicle you are current on due to the default on the other. They will take which ever vehicle is the esiest to recover in these situations.
Repo question state of nm title co in Ca went into default due to economy am in oil and gas industry Laid off and unable to pay lender not on title as lienholder can they repo vehicle?
Simple answer: in the state of New Mexico, if you default on your vehicle loan, and are not able to bring the payments current, the lender has the right to take possession (to repossess) the vehicle. You can try to contact the lender and see if they will make some sort of arrangement. Unless you do this quickly, though, it is unlikely they will work with you, and you may be asked to surrender it voluntarily.
If primary borrower gets behind in payments can you repo car?
If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.
Can the lender repossess the car if you have a clear title in your possession?
I guess there are some lenders dumb/careless enough to NOT prefect a lein. In case yours is NOT one of them, YES. If you signed a contract using the car for co;;ateral and are in default of that contract, the lender can repo. Good try.
How do you repossess a car that your child was supposed to repay but that you took out?
IF your name is on the TITLE, you go get it. If not on the title, call the lender and make arrangements for them to repo so you can have possession of the car.
Can a dealer repo a car when theres a clear title on the car with no liensI have a clear title in my name?
No, if the car does not have a lien, then the dealer has no legal interest in it.I'm not sure why a dealer would even try to repo something they had no legal interest in.
How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
Can a debt collector repo your car is they are not lienholder on title?
No. To be able to repossess any of your property, they must hold a lien on it. If they have no lien on it, they have no right to repossess. Their only option is to take you to court.
Can you repo a car if you have title?
When you purchased the car, you may have received a lien title from the state. This is not a clear title of ownership. The lender in essence still owns the vehicle, at least part of it. It is held in security for the loan. If you are a repossession company or agent, you will be required to have an order of repossession. But, if you are a repossession company or agent, you should already know this.
If a car was purchased in Louisiana and now it is in Texas what are the lien holders rights to repo the vehicle?
the lienholder can repo at anytime as long as there is NO breach of peace.
Can your cosigner repo your car if you are behind on your payment but not in trouble with the financial institution?
Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.
