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.
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.
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.
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
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.
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.
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.
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