no they dont charge off car loans it would be repossed by the bank first.
This is untrue. I am in this situation- the loan was charged off and the car *has not been repossessed*. Does anyone have an answer?
Well, yes, you can REQUEST it. But you won't GET it. "Charged off" in just an accounting entry that keeps the bank from overstating its assets and anticipated income by removing loans that they do not expect to collect from their balance sheets. They still hold a lien on the vehicle and you cannot get a clear title.
What some shady folks do in this situation is to get trusted shop or friend to file a mechanic's lien on the vehicle that exceeds the value of the car. So say someone has a car worth $3000 at the wholesale price, a sketchy type will get an auto shop owned by buddy or their shade-tree mechanic brother-in-law to place a mechanic's lien on the car for $3200 (for either overpriced or non-existent work) and execute the lien.
Bank will not mess with claiming their stake, as the car is only worth 3K to them in addition to expenses and hassle of recovering. This is because the bank would be forced to pay the mechanic's lien of $3200 and be left with a car worth only $3000. Shop or buddy then signs the title over to the original buyer for usually a few bucks and everybody is happy except the bank.
Once you have received notice that the creditor has been paid in full you can contact the owner of the loan and request the title. They may want to see that they have been paid in full in writing via the trustee. It is really not that hard to get the title. Good Luck!
In most states, yes, the lender is actually the 'owner' until the loan is paid off and can require that the cosigner be on the title.
After you pay off a loan, the title is usually sent to you, and leins are dropped. This will vary from instance to instance though. Ask your loaner.
Usually a title loan is based on the current market price of the vehicle. Usually 25% of the price is what you can get a title loan for. Before you sign anything make sure you take the time and read all the small print and ask lots of questions. Some Title loan places will have you pay back 2 or 3 times what the original loan was for. Be careful.
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
The charges charged on business loansare typically comprised of an application fee, a loan origination fee and the standard third party fees such as, appraisal, title, and environmental. Non-real estate transactions will frequently not require title, appraisal, or environmental fee.
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.The loan must be paid off and you must sign the title over in order to get the title and loan out of your name and responsibility.
Yes, they would obviously know about it. When a title loan company offers you a title loan, it will check the car title well in advance. When it checks the title, it will easily come to know about any liens.
Call the loan company and ask them. If you are up to date on your loan you have a case against them.
The title will go to the address that is on the contract. Usually it is the primary buyer. You can call the finance company and ask for the Title department and request them to send the title to an alternate address.
Most states prohit such loans.