YES, IF-IF-IF you can pay the loan off. The lender will have to be involved in the sale to get the paperwork done.Lenders will NOT release the title until the loan is paid in full. Dont get yourself in a mess trying to do it alone. Find out from the lender what the payoff is and then make sure you have that amount ready to give the lender when you complete the sale. Good Luck
What if creditors already are looking for it/reposession order already out for it? Can this still be done?
Likely the only way to do it is CALL the lender, get the payoff and get that amount to them NOW.They want the money more than the car.....
Only if you are the holder of the loan, or a court has ordered the surrender of the vehilce to you. As a simple lien holder, you can only block the transfer of the title and possibly recover from the sale of the vehicle.
That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.
A lien means that money is owed on your vehicle. If there is no more money owed, then there is no longer a lien, and the vehicle cannot be repossessed.
Well, you own the vehicle subject to the lien. You cannot sell or refinance the vehicle until the lien holder is paid. If you don't pay the lien, the lien holder can repossess the vehicle. So you own it subject to your paying the loan.
An Authorized Recovery agent working on behalf of the lien holder can repossess the vehicle from the lessee. It is Illegal in the state of Indiana for someone who works for/ at the car lot or for the lien holder to repossess a vehicle under the car lot/ lien holder's company name. The duty of repossessing a car must be hired out to a recovery agency.
As long as there is a lien on the vehicle the lienholder has the right to repossess the property
Yes. If the lien is valid, a written contract is not necessary and the holder can legally repossess the vehicle in conjunction with the existing laws of the state in which the vehicle is located or in some cases where it was sold.
They can only repossess the vehicle which was on the loan agreement. Taking any other vehicle is theft.
If they had the foresight to put a lien on the vehicle prior to the sale, yes. Otherwise, they'll be in for a lengthy court battle.
The line to look at is whether there is a Lien on the title naming your bank. If so, even though your name may be on the title, it is not yours.
Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.
Present proof of your ownership and the lien contract to court and get a repossession order.
If you purchased the car in full with cash then there shouldn't be a lien. Look at your paperwork to make sure it says "Paid In Full" if it does the dealer has no right to repossess a paid in full vehicle. A lien is where you are making payments for a vehicle and the vehicle is being used a collateral until the vehicle is paid off.