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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?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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What is my liability as a lienholder on a motor vehicle?
The lienholder has no liability for any damage done by the buyers vehicle.
Can your car be repossessed from the towing lot that towes your wrecked vehicle?
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
Can a car be repossessed if two names on title and one person took out loan?
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
Can you take a vehicle out of the US to another country with a lien on the vehicle?
Only if you have written permission from the lienholder.
When getting an auto loan, is the title different in California than paying cash for a car?
Yes, taking out an auto loan means that there is a lienholder on the title of the vehicle. Once the loan is paid off, the lienholder is removed and it is owned free and clear.
Is it against the law in Oklahoma to hide a vehicle from the repo man?
Yes, it is against the law in Oklahoma to intentionally hide a vehicle from the repo man. Doing so can lead to legal consequences and even criminal charges for obstructing repossession. It is important to comply with the repossession process to avoid legal issues.
How do you get your title for paid out vehicle?
Contact the (former) lienholder to get them to release the title to you.
Can a vehicle that is without a lienholder be repossessed by a company before a lien is filed?
No
Can you take the car from your daughter as you are paying it?
If the loan is in your name or if you have a lien against the vehicle, yes. If it's not paid in full and the title in her name, it's not actually her vehicle, per se. It belongs to the lienholder, and the person who received the loan has custodial charge of the vehicle.
Can a private person be a lien holder on a vehicle?
A lienholder is a person or bank or institution that gives someone a loan, so the answer is yes. A private person, friend, boss, parent, or anyone else can be recorded as the lienholder on a vehicle.
If your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Who does insurance company write check to from stolen car?
Either to the owner or lienholder depending on if there is a loan on the vehicle and if there is a loan, how much is owned. The lienholder gets paid first.
