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If a vehicle is voluntarily turned in to the lienholder and payment is up to date can they put a lien on your house for the balance owing on the vehicle?
Wiki User
∙ 18y ago
If the lender wins a lawsuit and is awarded a judgment, the judgment can be executed as a lien against real property owned by the judgment debtor, including the primary residence. In most states other ways of executing a judgment are, wage garnishment, bank account levy and the seizure and liquidation of non-exempt real or personal property belonging to the debtor.
Wiki User
∙ 18y ago
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Are sight drafts which require presentation of the vehicle title by the lienholder to the liable insurance company before payment is made to lienholder for a total loss commonly used in the industry?
Yes, they are the only manner of payment allowed in many states for claims payments.
What is my liability as a lienholder on a motor vehicle?
The lienholder has no liability for any damage done by the buyers vehicle.
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.
Can they repossessed the car if you just owe the last payment?
The lienholder has an option to repossess when you become deficient on your payments for as long as you owe money on that vehicle. If you skip your last payment, that car can be repossessed.
If you voluntarily turn in your automobile what happens to you in reference to the balance owed on the vehicle?
You are still legally obligated to pay the balance of the car note regardless.
Can your car be repossessed from the towing lot that towes your wrecked vehicle?
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
If you can't pay for your vehicle can you voluntarily turn in your vehicle?
Im pretty sure even if you did voluntarily hand it back you'd still have to pay the remaining balance. They won't just tanke back a car and call it good.
Can a lender continue reporting late payment when th vehicle is already possessed and sold?
Yes. When a vehicle is repossessed, the lienholder has to try reclaiming what they can of the loan that was made for the vehicle. A repossessed vehicle typically gets sold at wholesale auctions, and the amount paid for it is typically substantially lower amount than what's owed on the lien. You as the lessee are still liable for the remaining balance owed on the vehicle, plus the fees for repossession, storage of the vehicle, auction fees, etc.
If full payment is demanded to prevent repo can this be resolved?
Yes, buy submitting payment in full, or voluntarily surrendering the vehicle. Failure to do either will result in the involuntary repossession of the vehicle. The later will more severely affect your credit rating.
If you receive a payment to help with damages do you have to use the payment to fix the damages?
1The answer depends on several circumstances, none of which you mention, so the answer has to be that it could be yes or no. Years ago I used to be an auto insurance adjuster. The policy of the company I worked for was this:1. IF the vehicle was NOT paid for [had a lienholder, like a bank or finance company], we had to make the draft out to our insured, AND to the body shop that was going to do the repair, OR If the insured requested, the names of our insured and his LIENHOLDER.This basically forced the insured to get the vehicle repaired, or at least to contact his lienholder and report the damaged vehicle. It was then between he and his lienholder whether he used the funds to repair the vehicle.2. On the other hand, IF our insured's vehicle was PAID OFF, and the insured wanted the draft made payable to himself only, then that's the way we wrote the draft.3. IF the draft was to a third party claimant, regardless of lienholder or not, we wrote the draft to the claimant only.
Can you take a vehicle out of the US to another country with a lien on the vehicle?
Only if you have written permission from the lienholder.
How do you get your title for paid out vehicle?
Contact the (former) lienholder to get them to release the title to you.
