Yes...the lender did not forgive the debt. Charged off is only an accounting term for something the lender has to record on his books...basically to show the loss and non-performance of the loan. It does not change the borrowers obligation, or the lenders rights, in any way.
If a debt has been paid off, the lien holder is required to release the lien. If the lien holder refuses, you will need to get a lawyer and take the case to court
Well, you own the vehicle subject to the lien. You cannot sell or refinance the vehicle until the lien holder is paid. If you don't pay the lien, the lien holder can repossess the vehicle. So you own it subject to your paying the loan.
You can't. If a vehicle has a lien on it the lien holder is the owner of record of the vehicle.
No it does not
The lien holder is the person or firm, you borrowed the money from to purchase the car.
No a lien holder can not file a claim against the insurance company as they are not the named insured, you are. Although if there is a lien on the vehicle the insurance payment for damages to your vehicle will be in your name and the lien holder name. They then might require that you fix the vehicle so they can protect their interest in the vehicle. each lien holder is different. CORRECTION: If the lien holder is named on the policy and the vehicle has been repossessed, the lienholder has a right to recovery under that policy.
Yes. As the "owner" of the debt, they can sell, or assign, the debt to anyone they please.
You are still walking. You must pay off the new holder of the note. act wuick as they will sell it fast.
A person or a company that puts a lien on a vehicle is a "lien holder" that is on the title. It is not recognized as ownership.
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.
They have a vested interest in the vehicle. Their lien can prevent you from registering the vehicle.
Not unless the lien holder goes and retrieves it from impound themselves. The reimbursement of government fees (federal, state, or municipal) outweighs the priorities of the lienholder. When a vehicle goes into impound, the agency which impounded the vehicle puts their own lien on it, and that lien takes priority over the original lien. If the vehicle is not retrieved from impound, it will be auctioned off, and the lien holder basically gets shafted in the process. The person who took the lien out on the vehicle will owe the remaining balance still, and one of the money the agency auctioning the vehicle makes will go towards reducing the amount owed to the lien holder. To that end, you're better to let the lien holder repossess the vehicle and auction it, rather than have it impounded.