Vehicle Titles

Can you now put a lien on the title for nonpayment and repossess the car if you have the bill of sale and promissory note signed by the buyer?


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2011-09-12 15:39:45
2011-09-12 15:39:45

I can answer the question I asked. The answer is NO. For the State of Arkansas I was told by the Dept of Finance that I should have done it when I sold the car. My tough luck, my being nice to the buyer. The buyer is a leach on society.

AnswerEven though you didn't place a lien on the title when you sold it, you should be able to sue and get a judgment for the unpaid amount of the note. With the judgment you can attach the buyer's property, including the car.

Related Questions

IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?

when selling you business does a promissory note provide proof of ownership for teh buyer?

This is a civil matter. You should not sign over the title without being paid or without having the buyer sign a valid promissory note. You need to sue the buyer in civil court.

Call the police and tell them that the co- buyer is not agreeing to the terms of use of the car when said car was bought.

Scenarios: 1. If you sold the car for cash, and the buyer paid you in full, you have nothing to repossess. 2. If you signed the title (aka pink slip) and the buyer had their name listed as Registered Owner, you no longer own the car - nothing to repossess. 3. If you sold the car and did NOT sign the title, and allowed the buyer to make monthly payments to you, AND the buyer has defaulted on making payments for some specified time, you MIGHT have some rights in regards to respossessing the vehicle. 4. If no written agreement was made (and properly signed) at the time of sale specifically stating the monthly payment arrangements - in other words a handshake deal - you MAY not have any recourse. Before proceeding, please consult legal help on this matter - Don't take what you may think is the law into your own hands.

Right up until the point when the contract is signed, the buyer can change his or her mind, and what the co-buyer thinks about it is an issue for the two of them to work out. After the contract is signed, it's pretty much too bad for the buyer if he or she has "second thoughts".

If they are a co owner on the reg, they have as much right to it as you-essentially, neither one of you can keep the other from using it paid for or not.

You can repossess the boat if it has not been paid for. It will help if you have signed documents concerning the sale and when and how it was to be paid for. And beware of the physical dangers involved if you try to repo it yourself. Experienced repo men have been killed by people mistaking them for thieves and by people who are just plain mad at being repo'ed.

Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon when the initial loan was signed by the buyer.The lender is entitled to recover their property by most any means. And is is their right to resell that car to anyone they choose in order to recoup their losses after not being paid by the original buyer.Miss a payment, lose the car ... simple business. After all, they have your signature on a document that states you promise to make monthly payments or face the consequences.

If your question is "can the contract be null and void" if signed only by the primary buyer and not by the co-signer? Depends. If the contract is in both names-yes. If the contract is typed up "only" in the buyer name-no. If the loan is conditioned to both signing, yes.

When it has been signed by the buyer and seller.

the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause

ONLY if you can find someone to buy it without a title. NO buyer, NO seller.

More than likely no. You have a bad situation. You made the payments but the other party actually owns the vehicle. In other words you may have just bought this person a car. You need to talk to a lawyer.

A private auto sale is considered a contract. As such, if the buyer isn't paying as agreed, he's in breach of ths contract and subject to civil remedy, such as a law suit. Unless specified in the contract or allowed by your local law, you can't take the property back. That places you in breach as well and could be considered auto theft.

So, if I'm getting this right, the car is slip and all. You call the police and report it stolen. Document all of the times you have tried to get it back, and have dates and times.

A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.

The contract is not enforceable unless both parties signed it. If the sellers changed their mind and didn't sign then you don't have a contract.

To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.

That depends on whether you have signed a contract with the buyer.

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