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yup but you still owe the cash
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∙ 17y ago
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Will an impounded vehicle be turned to the lien holder?
Not unless the lien holder goes and retrieves it from impound themselves. The reimbursement of government fees (federal, state, or municipal) outweighs the priorities of the lienholder. When a vehicle goes into impound, the agency which impounded the vehicle puts their own lien on it, and that lien takes priority over the original lien. If the vehicle is not retrieved from impound, it will be auctioned off, and the lien holder basically gets shafted in the process. The person who took the lien out on the vehicle will owe the remaining balance still, and one of the money the agency auctioning the vehicle makes will go towards reducing the amount owed to the lien holder. To that end, you're better to let the lien holder repossess the vehicle and auction it, rather than have it impounded.
How much can a vehicle be sold for once a lien has been secured?
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.
What is a Lien Fee for on Impounded Car?
what is a lien fee when your car is inpound
How can you lien holder reposses car if car was impounded due to buyer lost drivers license?
As the lien holder of the vehicle, they are contacted by the proper authorities that their asset (the said vehicle) is at an impound lot accuring fees. Because the lien holder is in essence the true owner of the vehicle until the loan is paid off & the lien is released, they have the right to reposses the vehicle from the impound. This is in the best interest of the lien holder because if fees add up, it may not be worth picking up in the end. What many debtors do not realize is that if they do not redeem the vehicle from the lien holder once it is picked up from impound, the vehicle is sold at auction to the higgest bidder & that is in turn applied towards the debtors deficiency balance.
Can you put a second lien on a vehicle in Indiana?
If I sold a vehicle and the bank did not give me the whole amount owed towards the vehicle or the person buying the vehicle did not pay the remainder of the money can I put a second lien on the vehicle I live in Indiana
Can a Thirity Thousand dollar MotorHome be sold for just the impound fees of Three Thousand Dollars?
Yes, it can be. Even if a lien already exists on that vehicle, the priorities of the state or local government which impounded the vehicles takes precedence over those of any private lienholder (such as a bank).
Can you go to jail if you sell a car with a lien on it?
In most states a vehicle can be sold if it has a lien on it. However, if the vehicle is sold and the lien is not paid, it is a criminal offense. It is actually theft.
Does this vehicle have a Lien on it?
Does this vehicle have a Lien on it?
Can a vehicle be impounded or forfeited for a dui?
Not only can it, it almost certainly will be (impounded, at least).
How can you ensure a valid sale of a vehicle if you cannot pay off the existing lien?
A vehicle cannot be sold without a clear title. A clear title can only be obtained when all lien holders have been paid or have agreed to sign off on the lien.
What does this property in a LIEN SOLD status mean?
There is a lien or was a lien on the property and the lien was sold to a 3rd party such as an attorney
Is bank liable for lot rent prior to date of repossession?
Your question is a bit confusing. There are a couple possible scenarios, and a couple of possible answers. If you rent a parking space, and the vehicle is repossessed, then no. The lenderis not responsible for the debt you encurred. If the vehicle has been impounded, and has remained in storage long enough to have accrued storage fees, then the bank must pay those fees before they can recover the vehicle. However, those fees will be transferred to you, the contracted borrower and the person who allowed the vehicle to be impounded. If the vehicle is being held on a mechanic's lien, the same situation. The bank will pay the lien and transfer that cost to you.
