Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate of 12% or higher.
You can if you listed yourself as the lien holder of the car at the time you transferred the title to the person making payments. If you did not do this at the time you transferred them the title, you can not legally do anything.
You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.
no,you should have title.
Keyword here is someone is still making payments, right? If someone is making payments then the owner of the car is the lending agency, not either of the two 'registered' owners. If this be the case, nobody can sell this car without the written authorization of the lending agency. Doubtful that either party could sell the car without having clear title to it ... the actual legal ownership document without the lien holder information. The only way to remove the other party from the title is for both parties to go to the local motor vehicle office and handle this matter.
nothing you can do without a title in your name
Yes..... I did
IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it.
It would be the previous owner's loss.
I would insure any car that I was driving or making payments on. If you are on the title then you are an owner.
Check with the Secretary of State in your area to confirm you can be the lien holder for the vehicle. Assuming you can, simply sell the vehicle to the buyer, and list yourself as the lien holder on the title. It would be a good idea to utilize a contract to outline payments and if you require the buyer to maintain insurance on the bike until the lien is satisfied. Hope this helps. DealerOffices.com
If you are making a payment, whoever you are making the payment to holds a lien on the vehicle, unless the vehicle was purchased on an unsecure note (not likely). Some states will issue you a title even though there is a lien holder on the title, some require that the lien holder holds the title until the not is paid in full. Look at the title, itf the lien holder section is filled out, that is who holds the lien, they can have the car repoed. there is no lien holder on the title it is clear the car lot is in the sellers area
About 2 weeks after you make the last payment.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
Sounds like you need a lawyer, not WikiAnswers. However, if he has the title, the police aren't going to take the truck away from him without some other good documentation.
Your grammar is incomplete and so are your sentences so it is very difficult or impossible to answer your question. My question to you is: If you were paying on a car without having it, it must have been in police impound. Was it in impound? your answer will influence my response. If it was in an impound lot, you talk with the party receiving your payments to get it released. If you had the car in use and you want the title after making all the payments, the financial institution you were making the payments to will send you a title that is stamped over the proper section "Paid in Full". You take this title you your county title office and they will issue a new Title with you listed as the owner. This can be used for license plates. But again, it is very unusual for someone to make payments without having the car because they depreciate too fast.
No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
She can only be taken off the title if SHE signs the title over to him. There is no other way. If both names are on the title, if name are separated by the word OR that means either can sign title and change the way the names read. If names are separated by the word AND then it requires both signatures to make any changes. If only in her name then she has to sign title. Also if there is a lien holder, there still making payments on it, then typically only the lien holder can authorize the name change on the title.
If you do not have title or have not been making agreed payments...YES.
A vehicle with a lien holder named on the title cannot be traded, transferred or sold without the title being cleared by the lien holder.
If your name is on the title, you can take the car. Just make sure he didn't re-titled it after the split.
georgia law on timeframe lean holder has to process car title
YES! Do not release the title of the vehicle until it is COMPLETELY paid off. Once they hold the title, they can stop paying and there is nothing you can do... legally.
Only if they are a joint title holder of the vehicle.
The name of the lien holder for your car should be listed on the title. If the lien holder was not listed on the title, it would be quite easy to sell your car without paying off the lien. A charge off means the person holding the loan considers you to be a deadbeat. It is put on your account when you are more than six months behind on your payments. The charge off does not mean you do not need to pay off the loan. It means you have ruined your credit. If it happened because the lien holder changed addresses without informing you and you tried to make your payments, then you need to get caught up and have him pull that bad report. He made the mistake and he can correct it or you will take it to court. If you did not pay up, take your medicine and start getting caught up to get your credit back.