Vehicle Titles

How can a lender sell a vehicle at auction when it is titled to you with no lienholders on it?


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2011-09-13 04:22:56
2011-09-13 04:22:56

Every state has provisions for this in their laws. otherwise the world would be covered with repos the lenders couldn't sell.


Related Questions

They can repossess your vehicle at any time. As long as they're the lienholder on the title, it doesn't matter where the car is titled. * If a lender sues for arrearages and fees the laws of the state where the car was purchased apply, not the state in which the car is titled.

Under federal law, vehicles used in the drug trade can be seized, and are forfeited, regardless of who the titled owner is. Lienholders (but not co-owners), under certain circumstances, can file paperwork to recover the vehicle, in order to protect their investment, and it will be considered.

In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.

As long as it is titled in your name, you can sell it without it being registered.

Check your local library or online auction. There was also a movie titled "Sybil" as well.

drive it across the border, have it inspected and titled there.

It's nearly impossible to buy a wrecked late model vehicle at an insurance auction, rebuild it and resell it profitably if the vehicle is repaired correctly. Have the car thoroughly inspected before considering buying it. By the way the car's factory warranty will be void.

Although my husband is not a legal professional, he is a full-time real-estate professional. He said that in his opinion, a loan on a vehicle is a mortagage, and you can't mortgage property that belongs to another - thus to get a loan on a vehicle the title and registration must be in your name. The only accurate answer would most likely have to come from an attorney. States establish laws concerning the titling and ownership of motor vehicles. It is possible in most states to have a vehicle titled to a person who is not a part of the lending agreement. However, the lender will remain on the title as a lien holder until the contract is paid in full. Titling the vehicle to another person will not prevent the vehicle from repossession action if the lending agreement is defaulted. In addition, in all states the person who holds the title to real property is considered the rightful owner (with the exception of lien placements). Therefore, the borrower could be responsible for the debt but not have the use of the vehicle until (unless) the court ruled otherwise. MY EX IS THE SOLE BORROWER ON A VEHICLE LOAN AND THE VEHICLE IS TITLED IN MY NAME. I'M TRYING TO FIGURE OUT HOW I CAN GET THE VEHICLE TITLED IN HIS NAME INSTEAD SEEING THAT WE ARE NO LONGER TOGETHER. SO YES IS THE ANSWER TO YOUR QUESTION. YOU JUST HAVE TO SIGN A PAPER SAYING IT'S OKAY FOR THE LOAN BORROWER TO USE YOUR VEHICLE AS COLLATERAL AND THEY TRANSFER THE TITLE TO YOU INSTEAD OF THEM.

If there is no specific designation on the vehicle title the default laws of the state in which the vehicle is titled will apply.

No. A commercial vehicle is defined as a motor vehicle used for public transportation or cargo transportation. Generally, A vehicle is designated "commercial" when it is titled or registered to a company. A taxi cab is a commercial vehicle. A police car is not.

In many states, a slavage vehicle can be inspected and receive a "salvage title". If you ever want to sell the vehicle you'll have to disclose the salvage title.

60% of the value of a comparable clean titled car.

The title of state?? I can only assume it means the state that the vehicle is registered and titled in.

Yes you do have disclose a salvage titled vehicle.

No, the vehicle would need to be titled in your name for you to be able to register it. Your grandmother could register it in Florida and let you drive it.

Never title a vehicle in the name of a child. If it is titled in the name of a child, and you decide to sell it or trade it in, you cannot because the child cannot legally sign a document until they reach the age of majority. There is no reason to do this anyway.

40% LESS than a comparable clean titled car

Call your DMV and see if you can get it titled as a rebuilt vehicle.

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