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Can you go to jail for selling a vehicle that has a lean hold by a finance company?
Wiki User
∙ 15y ago
yes
Wiki User
∙ 15y ago
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Is it illegal for a finance company to use a financed vechicle as collateral?
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
How long does the finance company have to hold the vehicle before they can auction it off?
20 days.
How long can they hold your vehicle after you pay the finance company the required amount to reinstate the vehicle?
If they have called in the note and you have not paid in full, they have the option of selling it or holding it for you. Once you've paid the full note and they mark it "paid in full" they are obligated to get both the vehicle and the title to you immediately.
Can you sell a car and hold the title for collateral?
Of Course! That's what the bank/finance company does!
What if your car is in repo status and there is a mechanical lien on it does the finance company hold you accountable?
Not necessarily but the person with the mechanical lien will for sure sue you and hold you accountable.
If your windshield is cracked by a stone from a vehicle in front of yours who is responsible for the repairs?
If it is a commercial vehicle, record the name of the company and the licence plate number and contact your insurance company because they will hold the other vehicle liable.
What rights when vehicle has been towed?
If it were being towed away because someone failed to make the payments due, then there are no "rights" as you simple do not own the car ... and never have ... until the final payment is made, the finance company owns the car as they hold the legal title.
Can a tow company hold a vehicle hostage until payment is rendered in California?
Absolutely. The company performed a service with your vehicle, for which their is a fee. They release that vehicle once the fee is paid. It's the same anywhere else outside of California.
How do you make a private sale of a vehicle with a lien in Georgia?
You must contact the lender. They hold legal rights to the vehicle. Selling it without their approval will get you into some financial trouble. Call the lender.
Is there anything you can do if your repossessed car was auctioned for too little money?
One thing to remember is this: repossessed is repossessed. YOU NO LONGER OWN THE VEHICLE. It is not yours, not even to complain about. The repo company has made arrangements with the finance company; of course. The repo company is not in business for their health. It's a business and they're in it for a profit. Yay America! Thank God! The repo company agreed to split the profits, probably a percentage, with the finance company, minus charges. If they want to sell the car and it sells for only 50 cents, they can do so, and you ain't got nothin' to say about it. IT IS NOT YOUR CAR ANYMORE! It's actually, for all practical purposes, the repo company's. The loan is the finance company's. TWO DIFFERENT ENTITIES. In Texas, get off the complain soapbox, eat your pride, promise yourself you won't do it again, leave the finance company alone, leave the repo company alone (you'll lose; the laws protect them) and read this: IT IS NO LONG YOUR VEHICLE. If you don't like what is done, CHANGE THE LAWS.The bank or finance company must sell the vehicle in a commercially reasonable manner. It is important to remember that when you signed the contract, you agreed to pay for the collection, repossession, legal, reconditioning, mechanics, ect fees.I would imagine that all of this is added to your existing balance that you owe. Ask the bank for a breakdown of your deficency balance. According to Consumerlawpage.com, a resale of a repossessed car must be conducted in a "commercially reasonble manner". If you believe that your vehicle was resold for less than fair market value, the resale is not commercially reasonable. Contact an attorney, your car may have been sold to "a friend" for a substantially lower price than what the car is worth.You do not need an attorney to sue in most states.Sue the bank for not selling the vehicle in a c.r.manner.This is a scam because all the banks do is hold a closed auction where the dealers who sold you the car get the same car back at a huge savings and start the game all over again.Oh yeah and then the bank sticks you with the difference.
Can your finance company put a hold on car registration if you still owe money?
No of course not car registration is the state that has nothing to do with your bank or lender one has nothing to do with the other
How do i find out if a car as still got finance still owing on it?
You must be aware of a vehicle's finance status before making a purchase. In the case where a car has outstanding finance and the person responsible for the debt defaults on their loan after you've bought the vehicle, the finance provider can seek to repossess it from you.Although you can't inherit the loan of the debtor, you would risk being at the total loss of the money paid for the vehicle. So through full car check at car analytics website, you can get the financial details for your car.
