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Can a lienholder repossess a car if you have a clean title but still owe them money?
Wiki User
∙ 14y ago
It will depend on the lienholder. Most Credit Unions have a Cross Collateralization clause in their in-house contracts. This means that the vehicle you purchase will also be used as collateral for any and all other loans you may have with them now or in the future. SIMPLE INTEREST CONTRACTS FROM DEALERS DO NOT HAVE THIS CLAUSE. Make sure to read your contract carefully if you are getting a bank draft directly from a bank or credit union.
If the lienholder does not pick up the car and there is still money owed, they can hold the title indefinetely or until a settlement is made.
Wiki User
∙ 14y ago
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What happens if you have a clean title and loan is secured can finance company still repossess?
Maybe
What if your loan company wants to repo your car and you no longer have it?
Then you're still liable for the money you owe the lienholder.
Can a mechanic repossess a vehicle if money still owed?
if you owe them money they generally will not release your vehicle to you in the first place
Can a medical collector put a lien on a vehicle you still owe money on?
If you offered it as collateral yes but your lienholder will not be happy
Can a second lienholder of real property foreclose?
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
Do you still owe money if your car is repossess?
Yes. You owe the amount of the unpaid loan, minus whatever they get when they sell it at auction (very little), plus their costs.
If you default on your auto loan will you still owe money?
Yes. Not being able to pay a loan doesn't absolve you from it. They may repossess the car if the situation calls for it, but you'll still own any back payments.
Can you repossess a car if the person who bought it from you still owes you money for the car and you still have all the paperwork?
Your state may have other requirements that you have to meet to do so. At the very least, you need a loan contract that perfects the security agreement.
What if your vehicle is financed and you get arrested and it gets impounded can the finance company get it from impound?
They usually wont get involved unless they are going to repossess it. You will still be responsible for th estorage fees and fines. Generally, a lienholder will inquire of the impound lot, as to if the vehicle owner has made contact and attempt to redeem. If there has been no owner contact or, as in this case, if they are made aware of the owners situation, they would probably monitor the status of their interest (the vehicle) to be sure it is redeemed prior to sale date. If the owner or lienholder does not pick up the vehicle it will be sold at auction. Proceeds first cover fees to the impound company with any balance payable to the Clerk of Court for disbursement to lienholder. (Florida)
In California if a buyer still owes you half the money for your vehicle and gets it impounded for no license or insurance can you repossess it?
Is the registration still in your name or the buyers? If it is in your name you still own the car. Just take this person to small claims court and get your money or car that way. Make sure you have all the paper work to prove your case.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Can a first mortgage lender omitted from foreclosure and let the second foreclosure?
Yes, but whomever buys at the second foreclosure will own the property subject to the first lienholder's debt. The first lienholder can still foreclose and wipe out the second.
