HomeWhat happens when a vehicle is purchased outright from a private seller and the title has a third party lien and the vehicle gets repossessed?
Wiki User
2004-07-04 14:00:07
2004-07-04 14:00:07
VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...
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Saab is currently owned and operated by a private investor that purchased the brand from GM, who had owned the brand outright for several years, and in part since the early 1990's.
Yes. If the person repossessing the car finds it then they can take it!
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A car that is actually YOURS cannot be repossessed, as it's paid off. If you have a vehicle being repossessed, they're able to do this because it's actually the finance company which owns that vehicle and possesses their title. A recovery agent can, on behalf of the lienholder, go onto private property in order to recover the lienholder's property - with limitations. They cannot cross a locked gate, and they cannot enter a locked building.
Dealers pay low(wholesale) prices at a public auction, private might be better. A lot depends on the car and the markey for it in your area.
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