answersLogoWhite
Ford Explorer XLT
Repossession
Work Release

Does the owner need to sign a release form when their vehicle is repossessed?

225226227

Top Answer
User Avatar
Wiki User
2015-07-15 21:45:02
2015-07-15 21:45:02

You could get an answer from your state court consumer protection division re this question.

But my common sense would be no!

Nothing is needed with your signature on it. You failed to repay the loan as laid out in the terms of your contract, suit more than likely was filed against you regarding this matter. The financial institution has legal rights to the vehicle via a lien, they dispatch a repo man who locates and takes back the vehicle, usually in the dead of night while you sleep, to avoid any confrontation.

Depends on what the release is for. A personal property release says that you have gotten all your PP out of the car. You cant say you had $1500.00 in the car when it was repoed. A vol. release says that AND that you are returning the car and you KNOW you will be responsible for any defiency balance due after the lender sells the car. Read what you are asked to sign. If the car is repoed in the nite, you wont be asked to sign it. Usually the repoman is trying to get the keys cause he cant afford a repo truck. He wants to DRIVE it away. LOL

Why can't you say there 1500.00 in the truck when it was repoed if there was??

No you do not sign a release. Most of the time you won't even know you were repoed until after the fact.

1

Related Questions

User Avatar

For filing for an abandoned title in Arizona you must contact the DMV. The process includes an inspector coming to inspect the abandoned vehicle in which you receive an inspection form. With this form you may fill out an abandoned title report. You may obtain an abandoned title report at the DMV. With this report notarized, the inspection form, and $10 they will begin the abandoned title application. What happens is the DMV sends out a noification to the last owner. They give a 45 day period for the owner to respond. If no owner responds, they send you a form allowing you to title the vehicle in your name. If the owner responds, they are given 30 days to remove the vehicle. In the past, I have had titles that had no record of owners. This may happen if you have had the vehicle for quite some time (mine was ten+ years). For any questions on application or other you may contact the Abandoned Vehicle Department at (602)-712-7784.

User Avatar

You pay off the loan on the vehicle, if any, then change the registered owner of the vehicle. Once the loan has been satisfied, the bank can send you or the dmv the title to the car. Once you have the title you can make yourself the "legal owner" (as opposed to the bank). This means you will own the value of the car. Tell the DMV you would like to change the "registered owner" of the vehicle. Make sure it is someone who is licensed to drive and someone you trust (not to steal your car). The new registered owner will be able to pick up the car without waiting 30 days. You may need to get a "police release" from the arresting agency. If so, it's pretty simple. Go to the police station that made the arrest, pay the fee and they will fill out a form and give it to you. Ask the people who are holding the vehicle if you need a police release.

User Avatar

The verb for regaining possession is repossess; the noun form is repossession; the adjective form is repossessed.

User Avatar

The AZ motor vehicle department does have a state approved bill of sale form that is completed and signed by the owner.

User Avatar

um..... you cant drive the vehicle?? Go to the dealer, with your vehicle registration, or some form of proof that you are the owner, and they will make a new key. Sometimes they will be found 30 years later, but they will be rusty.

User Avatar

You need it to prove that you actually bought the vehicle, and you are the legitimate owner. Many jurisdictions also use this to determine a sales tax.

User Avatar

If you are trying to see if the current owner still has a payoff on the vehicle, it will say on the title. If it is a free and clear title then the original lien holder has to sign off on the title. Some states have a title and a form called a lien release. What state do you live in?

User Avatar

The abstract noun form of the concrete noun 'owner' is ownership.

User Avatar

His first Vehicle form is a Chevy Camaro 1999,second is a Chevy Camaro 2008

User Avatar

The plural form of the noun owner is owners.The plural possessive form is owners'.Example: The land owners' meeting made a decision on access rights.

User Avatar

The full form is Recreational Vehicle.

User Avatar

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.

User Avatar

Lost Vehicle TitleGenerally you can apply for a lost title through your state Department of Motor Vehciels or Department of Licensing. It may make it easier if the previous owner goes with you (assuming he is the registered owner). States normally require that a previous owner notify them that a vehicle has been sold. In addition: You will have to submit an application for a lost title/damaged title. I believe only the registered owner of the vehicle from when it was title originally can obtain a replacement.In Ca the lost/not received/transfer form is available at DMV thiis is used for sale on auto where seller still has the title and never transfereed to themselves yet so has no "title" so you include additional title (form is a blank need to fill out all info on vehicle , seller, and buyer turn in with the other title(the one your seller never turned in for themselves, or you can use the lost/not received/transfer form if the other has been lost

User Avatar

No. Your state's department of motor vehicles will require the seller to release the vehicle to you. That individual's signature on the appropriate form(s) provides the required release.

User Avatar

Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.

User Avatar

you have to buy another 1 from a owner or the site (i prefer owner because form the site is 300 from a owner may be selling for 20 fd0

User Avatar

Yes, provided the owner of the truck and the company insuring the vehicle permits it. Most companies (even in the case of owner/operators or lease operators running for them) require an authorization form to be filled out and submitted to the company well in advance. It's not a particularly difficult process.

User Avatar

The full form of SUV is Sport Utility Vehicle.

User Avatar

The GA Bill of Sale is a handy form to record all the information from the sale or purchase, giving you the verification needed to provide to the DMV or any other agency or even law enforcement if requested to verify that you are or arenat the owner of the vehicle.

User Avatar

No, the policy is delivered to the owner and only the owner has to sign, acknowledging receipt of the policy.

User Avatar

No. It's not theirs to sell, and they never should've taken the vehicle in for pawn without getting a title along with it. That vehicle belongs to the finance company. At the top of every pawn form, it asks the questions, "Are you the rightful/legal owner of this property?". If you answered yes to that question in regards to a vehicle with a lien on it, then you have committed fraud, and will likely face charges.

User Avatar

Not recommended. The vehicle must be titled into the name of the legal owner. If the intent is to hide the driver from the insurer in order to get a cheaper rate, then it would be a form of insurance fraud.

User Avatar

The abstract noun form of the concrete noun 'owner' is ownership.The abstract noun form of the concrete noun 'agent' is agency.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.