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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.

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โˆ™ 2006-04-29 05:33:46
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Q: How long after repossession of your vehicle does the lien-holder have to sell the vehicle?
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If your car is going to be repossessed is it legal for you to sell it before the actual repossession?

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.


Can you have a co-signer removed from a title after the car is repossessed?

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 vehicle was in accidents does that have any bearing on the lienholder trying to sell it after a voluntary 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.


If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?

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.


How long after a vehicle repossession does the bank or car company have to sell the vehicle and is there a maximum time limit in Tennessee?

30 days and 20 minutes dude


Is it illegal to sell a vehicle with a lien?

Without a discharge-of-lien or similar document, IN WRITING from the lienholder, yes.


How do you Sell a vehicle that you are financing?

If you are financing the sale, you would list your name and address on the title as Lienholder or Secured Party.


Can you sell your car to a salvage yard if it has a lean on it?

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.


How many days does the financial lien holder have to wait after repossession to sell the vehicle?

Laws on this vary by jurisdiction.


Do you need a title to sell your auto?

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.


Can't make the payments and can't sell what do I do?

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.


I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?

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.


How long after a reposession can you reclaim a vehicle?

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.


Can the executor sell a car that was owned by the deceased?

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.


If you have a clear title on a vehicle do you have to register the vehicle before you sell it?

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


How do you sell a personal financed car?

repossession


If you can not meet payment on a car can you take it back to the dealer?

Returning the vehicle will not relieve you of the responsibility for the debt. Typically your lienholder will sell the vehicle and charge you for the deficiency balance. However, if you cannot pay for the car the lienholder will repossess it and follow the same procedure. Also, unless the dealer provided "in house" financing they probably have no further interest in the vehicle. You are now obligated to pay the bank or finance company. In this case the dealer may not allow you to return it to the lot.


How Do you sell your Car if you have brought it on finance and you are still paying?

That is a touchy topic. If you don't do it 150% correctly, you can end up in serious legal trouble. There are a few ways to do it. The best way is to get the lien released from the title. My suggestion would be to collect the money you are asking for the vehicle first, pay the lienholder what is owed, explain to the buyer that you have to do this and that they will get a clear title when all paperwork is finished. Or, this is more iffy, tell the lienholder that someone wants to purchase the vehicle from you and see if the potential buyer can take over the loan. They would have to pass the credit check and pay any fees that the lienholder may require. The lienholder may not even want to do that. It is best to get the lien released and go about it that way.


How long after you sell your vehicle should you notify the dmv?

10 days


How do you contract to sell a car for which you are being paid for over time?

Basically, you are financing the vehicle, right? Put a lien on it. All you have to do is fill out a bill of sale and there will be a place for you to list a lienholder. Fill in your information there. There will also be a place for you to put lienholder information on the title, so make sure you fill that part in also. When the buyer takes that to the highway dept to register it, the hwy dept will keep that and give them a registration. After about 2-3 weeks, you should receive the title in the mail with you listed as the lienholder. After you are paid in full by the buyer, then you will sign off as lienholder and give them the title.


How much will a finance company sell a HD motorcyle for after repossession and where will they sell it?

It will be sold at auction at a lower price than the dealer will sell it for.


Can you sell a car with an insurance claim outstanding?

As long as the vehicle has been inspected you can.


How do you sell a motorcycle with a lien?

You will need to pay off the lien first, or arrange with the lienholder to be able to make a sale.


What will a car repossession do to your credit rating?

A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.


Can a lien be put against a home for a vehicle repossession?

Yes. That means in the event you try and sell your home, any monies received from the home their portion is given to them first. YES, IF the lender has a JUDGMENT against you.