Forever Adding: I believe the questioner may actually mean to say - does the lien holder have to wait to sell it. Perhaps he doesn't understand that after repossession, it is then "their", that is the lenders, vehicle.
Laws on this vary by jurisdiction.
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
IF the car was repaired after the accidents, probably not. If NOT repaired , it will decrease the amount the car brings at auction, increasing the amount you owe.
Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.
30 days and 20 minutes dude
If you are financing the sale, you would list your name and address on the title as Lienholder or Secured Party.
No you cannot. reguardless of whether the vehicle is undrivable or in perfect shape the lienholder must be notified if the car is to be sold scrapped or otherwise. To do so (sell scrap same thing)without telling the lienholder is a crime. only a clear title permits you to sell a vehicle on your own. If you have a lien you must pay that off before the title can be transfered.
If the vehicle is paid off yes...If you are still making payments and you want to sell to an individual you will need to talk with your lienholder. If you are selling to a car dealer they will handle it for you.
Talk to the lienholder to see what they want you to do. You might be able to renegotiate the payments. As a worst case scenario, you could do a voluntary repossession, which at least saves you from having to pay the repo fees.
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
Up until the day they sell the car. As long as you pay the repossession fees and make up all back payments plus any administrative charges. That is if the lender agrees which they do not have to do. You broke the contract when you failed to make the payments on time so they can refuse the payments and sell the car.
Yes, they have that power. However, if any money (a loan) was owed on the vehicle by the deceased, the Executor, on behalf of the estate, must pay off the lienholder.