This answer is for the last statement. I don't believe you have to turn the car over. They signed you up for a UNSECURED loan. Which means they required no collatoral. They want you to take the title down and add them as leinholder since they found out you bought a car with it. That way they have every right to take it and sell it for what it brings at an auction and your stuck paying the rest. If it were me, I would NOT add them as leinholder and fight the fact it was unsecured, not secured. The loan you took out was just like any other non secured loan, if you fall behind yes it will report negatively but catch it up when you get your money. Everyone falls on hard times some companies understand that and give you what they call a hardship. That is where they drop the interest down to 0% for usually 6 months for temporary instances or 0% for the remainder of the loan if you have a long term hardship. This also reduces your payments sometimes up to 55%. Either way, they are NOT the leinholder, keep the reciept where it shows you paid cash even though it was the blank check they sent. You could have bought whatever you wanted with that. Do you think they would be trying to take clothes back or furniture? No. It is something they feel they can get money back on and trying to trick you into doing their job for them. What you have yourself is a conventional loan. A signature loan. A non secured loan. Make sure with the DMV that there is no lien. If there really isn't. In my opinion it would be plain stupid to go and add them as lien holder, you might as well say here take the house too. NO WAY!! I know a little about secured and non secured loans. I had the same problem once, I had taken out a loan and bought a car. The finance company kept calling me when I fell behind. One day I was talking to them and MADE THE MISTAKE OF SAYING MY CAR...AUTO...I NEED MY CAR .. I'LL PAY ASAP...BLAH BLAH BLAH. She then got quiet and finally said, so this is an auto loan. Coming to my senses real quick I thought, they don't have it in their system as it being auto secured. It's just a regular loan to them. So I said, no it shouldn't be , why is it showing up as auto loan. She said NO. I had a car , with a title and the finance company had somehow given me a non secured loan. Since it wasnt auto secured, there is no auto for them to repo. see. Like I said, this is my opinion and I could be wrong and there could be some lawyer to read this and freak completely out, but from my experience and not to mention , years later I ended up working for this company, I know a little on how this works. No auto secured loan, no auto reposession. Good Luck.
The best way to find out is QUIT PAYING THE NOTES.
Turns out they weren't supposed to, and that we got the car back. They couldn't sell it without the title and with the title having no lienholder on it.
I had to stick to my guns though. They tried to give me crap about it for two weeks. I kept telling them to go ahead and try to sell it with me holding a clean title and that they were only piling up the storage fees I wasn't going to have to pay and they were.
I kept calling everyday and asking for the supervisor, who eventually spoke to me, realized they shouldn't have repossessed it. I paid them the balance because it was a small amount, and they waived (or ate) all the repo fees, storage, etc.
So they got most of their money. I got my car back. Rare happy ending, I guess.
Banks ect. DONT make mistakes but the humans who run them DO make mistakes. Its great when they will admit them and make it right. Congratulations on getting it resolved.
I've asked a few lawyers that and they don't know! I took a loan out online for People's First. They sent me a black check, which I wrote out to the dealer. My contract with the dealer states that I paid cash. I received a title that states there are NO lienholders. Two years later, I became ill and unable to work and fell behind on the payments. Oh yes, I was notified a month after I purchased the car that the loan is with Capital One. I didn't know that at the time and did not want to deal with Capital One. This info was never disclosed by People's First which is owned by Capital One using another name. Over 217,000 web sites all pertaining to complains from customers about Capital One. Horrible company. Capital One sent me a letter two years later when I fell behind, stating that this loan needs to be secured and I have to take the title to the DMV and put them on as lienholder for which I would have to pay a fee of $40.00. So they told me this is an unsecured loan. They have been trying to repo the vehicle. Again, 2 lawyers cannot answer since this is something out of the ordinary. I have called Capital One since I am to start receiving disibilty in two months. I told them I would pay all the payments and interest back at that time. I was only asking for an extension. They were so unwilling to work with me and wanted me to turn the car in now. Anybody know an answer to ths one? Can they repo the car and sell it at auction with me holding a clear title? What are the rights of Capital One selling a car without the title or them listed as lienholder on the title? My insurance company does not have them listed as a lienholder either. I told Cap One if the car is taken, I will not attempt to get it back. My lawyer told me if I then file bankruptcy, the loan will be discharged. So since the car will sell at auction for less than the loan, Cap One will eat the loss. This could be a loss of $10,000.00. So why aren't the lenders willing to work with you? I was not late on any payment for two years until I became ill. I am trying and promised to pay everything back but they don't want to hear it and will not grant an extension.
A person or a company that puts a lien on a vehicle is a "lien holder" that is on the title. It is not recognized as ownership.
The lien holder (PERSON OR FINANCE COMPANY THAT HAS AN INVESTMENT INTEREST IN VEHICLE) must be paid off prior to you selling vehicle to another party.
depending on the motor vehicle laws of your state but in the state of Arizona where i am from if you have the title in your name with no lien holder you are the rightful owner of the vehicle and nobody has authority to take it away unless you have signed a power of attorney and a title and registration application adding the finance company to your title. http://www.1stopautotitleloans.com
Contact the finance company and get a lien release from them. With that lien release you can have them removed from the title. You cannot get the lien release unless you have paid the loan off in full.
The lien holder should send you a lean clearance letter. You can take the waiting clearance letter and the title to the motor vehicle department and apply for a clear title.
Yes. The finance company is the lien holder, therefor they are the tilte holder. General you can put whoever you want on the registration.
A lien holder is the finance company, bank, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car or real property, as collateral. You cannot sell that asset until the loan is paid. If you don't pay the loan, the lien holder can take possession of the property.For example:You signed a contract with a finance company when you purchased your car. The finance company is the lien holder. If you default on your payments the company will take the car.If you signed a mortgage for your home and default on the mortgage, the lender is the lien holder and can take possession of your home by foreclosure.
No it does not
The name of the lien holder should be on the face of the Vehicle's title.
This is an almost impossibility, unless the title has been doctored. If "the company" sold person A the car, the title contains that company's name as a lien holder, which means that the car cannot be transferred to another person without the approval of "the company". Look at a car title from a dealership, for example, and see what color it is. Then look at a title for a vehicle that is paid for and is free and clear. The dealership title has the dealership name on it as the lien holder, different color title. The free and clear title has no lien holder and is a different color. If a car has been sold with a lien holder, person A is responsible for payment for the car, regardless of who is driving it.
you will have to find out who has a lein on it have them fill out a fourm of lein satisfy. In most states a lien holder is recorded on the title and the lien holder will keep the title until the lien is paid off. After the lien holder is paid off, they will sign the title to release the lien and give/send the title to the owner. The title office can tell you who has a lien on the title.
A non-title holding state is a state where the lien-holder (a.k.a your finance company) holds onto your title until you pay off your loan. So you never see the title until you pay off the vehicle.In a title holding state, you would get to keep the title but your name wouldn't be on it. It would have the name of the lien-holder instead.See also: Definition_of_title_holding_state
Yes. The note creates a lien, regardless of whether it is officially recorded on the title. If the lien is not on the title, this will merely create some extra work for the repossessor when they try to sell the car.
To find the lien holder of a vehicle, the registered owner of the vehicle will have to apply for a duplicate title. The VIN will be necessary to obtain the duplicate title. The lien holder will be listed on the duplicate title.
If the car has a lien, you usually have to pay off the lien before you can get a clear title. Otherwise, in this state you have the name of the lien holder on the title.
Apply for a replacement or duplicate. You can apply for a replacement, but the title will most likely be sent to the lien holder. If that happens, you need to call the lien holder to let them know that it will be coming and to let you know when they get it. If it is sent to you, then you will need to take it to the lien holder and have them sign off on it again.
Yes they can. If the lien holder had to advance the premium to pay for the insurance, the amount is added to your finance note with the interest. Force Placed Insurance is coverage obtained by the lien holder to cover their interest in the financed property when the buyer fails to meet the required coverage conditions of the finance note. No coverage is provided to the buyer at all, only the lien holder. Basically if the finance company has obtained force placed insurance coverage then the buyer is already in default on the terms of the finance contract. The cost of the coverage is added to your bill or finance note without benefit of coverage to the buyer.
I think you mean LIEN (not lian) holder. A lien holder is one (an individual or company) which holds the lien to a secured real or personal property.
The Capital One auto finance lien holder address is:PO Box 255605 Sacramento, CA 95865
If you are making a payment, whoever you are making the payment to holds a lien on the vehicle, unless the vehicle was purchased on an unsecure note (not likely). Some states will issue you a title even though there is a lien holder on the title, some require that the lien holder holds the title until the not is paid in full. Look at the title, itf the lien holder section is filled out, that is who holds the lien, they can have the car repoed. there is no lien holder on the title it is clear the car lot is in the sellers area
Record lien on title- as 1st lien holder
It should be on the title.
georgia law on timeframe lean holder has to process car title
You don't. The only one who can fill out a lien relese is the lien holder. As the owner of the car you are not the lien holder. Take the title to whomever holds the lien and they will release it.