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.
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.
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.
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 "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.
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
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.
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.
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.
Of course. They hold the title and can have it put into their name and repo the car to sell it to get the money back that they loaned you.
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.
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.
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.
the lienholder can repo at anytime as long as there is NO breach of peace.
When it gets to your CR, a repo is a repo is a repo. Theres only one.
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.
Considering that the LENDER will be the one to report it as a "repo", wouldn't it be best the discuss it with the LENDER?
Who told you there would be no storage? The lender? the repo co.? Call the LENDER, they have control of the repo company.
Call the repo guys OR the lender.
IF your loan was discharged, you are NO longer the owner of the car. You can call a local wrecker company to come get it as a towaway. You cant get title to it.
The #1 best way to stop a repo is to PAY YOUR NOTES or make arrangements with the LENDER. The lenders starts the repo, they stop the repo. Pay your bill.
Then you're still liable for the money you owe the lienholder.
It depends. If the repo was after you filed, and the lender did not obtain relief from stay to repo, you file a motion to hold the lender and the repo entity in contempt of the automatic stay, and ask for an order that the lender return the vehicle. If the lender did get relief from stay, you cannot do anything. If you are representing yourself, as the saying goes, you have a fool for a client. If you have a lawyer, why aren't you asking him/her?
It all varies by your state laws. but normally the lender will search for repo and towing companies in the area where they think you are and they search for you and come and tow your car to a tow company or repo company lot, then they contact your lender, so you need to contact your lender to arrange payment or to get your stuff out of your car. Hope This helps Adam OUT
You pay the LENDER what you are behind and the repo fee and go get it.
Have you asked/demanded that she return it? Have you sent her a certified letter demanding the return? IS her name on the title? Lots of questions a reputable repo compnay will ask. email me @ wonk at 14ma dot com if you need more help IF the car is titled in YOUR name, you can just go get the car. IF you are the lienholder on the title, you can hire a repo compnay to pick it up.