M., please do not think that the bank is crazy. Why did you pay payments to THAT bank on a loan that that car is collateral for? That's called a perfected lein. That is how you will owe the BALANCE DUE plus repo fees,plus attorney fees, plus auction fees, ect. Sooo, take the car on down to the bank, get this mess over with. You are adding money you owe by playing around with the title deal. You didnt invent this game and your not the first to play. The odds are much worse than a casino that you might win. Good Luck
The bank should be listed as a lienholder on the title. If you sold it, the bank would have to be paid the amount you owe them from the proceeds. Otherwise, you could be inviting possible criminal and civil charges for selling an item that technically wasn't fully yours, not to mention, whoever you sell the car to may not be able to even get a title due to the existing lien.
No. You don't get the title to your car until any loans against it are paid in full. <><><> In several states, you will get a title document- but it will show the loan company or bank as a lienholder. That title cannot be transferred to someone else until the lien is satisfied (loan paid off)
It will depend on the lienholder. Most Credit Unions have a Cross Collateralization clause in their in-house contracts. This means that the vehicle you purchase will also be used as collateral for any and all other loans you may have with them now or in the future. SIMPLE INTEREST CONTRACTS FROM DEALERS DO NOT HAVE THIS CLAUSE. Make sure to read your contract carefully if you are getting a bank draft directly from a bank or credit union. If the lienholder does not pick up the car and there is still money owed, they can hold the title indefinetely or until a settlement is made.
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
The liens are usually in place when the bank or loan company takes possession of the property. The company/bank can pay off all liens and clear the title for resale or it can be put to auction with leins in place. Monies from sale are first used to clear title before new owner can take legal possession. Regulations can be different depending on type of property and state.
If a bank is on the brink of taking possession of a company, chances are the company is in financial trouble. When the bank does take possession it usually means that the company has gone into foreclosure. They will then sell the property and the company owners will need to settle their financial issues.
A bank lien is usually for a short period of time, but that is only because it instructs the bank to turn the money over to the lienholder within a certain short period of time, usually 30 days. This gives the owner time to go to court to try to get the lien removed. At the end of this short period of time or if the court disagrees with the owner's reason for not turning it over, the bank will send the money to the lienholder.
What is the closest us capital to Canada?
What is 8 divided by 2(2 plus 2)?
Give me food and I will live give me water and I will die what am I?
What's the most outdated thing you still use today?
How old is Pamela McCoy of ShopNBC?
Who would you swap lives with for a day?
What does program mean in brain teaser?
If you are 49 years old what year did I graduate from high school?
Can you get sunburned in the shade?
What are the dog days of summer?
What is the toughest academic course according to the Guinness Book of World Records 2011?
Why do so many foods "taste like chicken"?
Who invented Lincoln Logs?
How did chickenpox get its name?
What is doomscrolling?
How did the Wiffle Ball get its name?
What investment is necessary for a yield of 500 dollars per month at 6 percent interest?
When two pieces of cui or other unclassified information are posted online together?
How do you transulate happy independence day in konkani language?
How many ODD DAYS IN DECADE?
Ano ang mga salik sa pagkakaroon ng Bilinggwalismo?
Ano ang pagkakapareho ng panitikan at kasaysayan?
WHAT IS THE EXPECTATION ON THE SUBJECT NSTP AND TO THE INSTRUCTOR AND CLASSMATE?