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What happens to the title of a vehicle if the lender writes off the debt and what can you do to get a new title in order to register the vehicle in another state?
Wiki User
∙ 16y ago
When you buy a car on a loan, the title you get has a LIEN on it (the Bank that you borrowed from). If you want to transfer a title or get a new one, you always need the original title - and guess what - it should have no lien. The lien effectively states that you are not the owner of the car until it is paid for! Write-Off is a term businesses use to describe defaulting loans. They lend money to someone who doesnt pay it back. It's a LOSS for them - they deduct losses while filing taxes... Legally, you will not be able to get a new title since you have a lien.
Wiki User
∙ 16y ago
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Can a lender stop you from register a new car if another car is in repo status in Florida?
yes they can stop you , you need to return the car back to the lender in other for you to register a new car.
What happens if you conceal a car on repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
Can a lender enforce a auto insurance policy?
A lender can force you to have a current auto policy because they want to make sure their vehicle will be paid for if an accident happens.
Does a finance company who has repossessed your vehicle have any rights to your new car that is financed by another lender?
No
If a vehicle was surrendered in bankruptcy but the lender will not pick it up can the lender be removed from the title?
The lender is not required to take possession of the vehicle and can let the lien stand until the debt is paid. In addition, the lender can sue the borrower/debtor for the entire balance of the loan plus applicable legal fees, etc. rather than go through the reposssession and selling of the vehicle. As long as the lender is a lien holder the vehicle cannot be traded, sold nor transferred to another party.
Who owns the vehicle if you are the primary on the vehicle loan?
The lender owns the vehicle until it is payed for by the lender. The Primary lender will own the vehicle once it is payed for. It also depends on whose name appears on the title.
When can the lender resell a repossessed vehicle?
a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama
Can you trade in a paid off vehicle for another used vehicle?
Of course. It is your vehicle free and clear, so do as you wish with it. Just be sure and get a lean release from the former lender.
When you buy a new car does the dealership have to turn in that information to your insurance company?
No, but unless you are paying cash for the vehicle the lender is going to want insurance coverage on the vehicle until it is paid for in case something happens to it. Therefore, the lender is going to want a policy number insuring their vehicle is covered.
What happens to your title loan if your vehicle is stolen and wrecked?
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
If you transfer schools what happens to the other part of your student loan?
From my understanding, if you transfer schools you have to let your lender know what you are planning on doing. If you do not register for classes at the school where the loan is placed, the loan money will not be sent. But you have to make sure you tell the lender about this.
When you owe money to another lender you are?
When you owe money to another lender, you are a _____.
