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What can you do with a charged off vehicle when the lien holder has the title and you have the vehicle?
Title for a Charge-Off
- Call a local towing company to come get it as a towaway. Or sell it for parts.
- The vehicle cannot be sold, parted out or whatever. A "charge off" does not indicate that the lender or lien holder is giving the vehicle to the borrower. It means the they have given up normal collection procedures and will now have the vehicle repossessed either by self-help or a replevin order depending upon state laws. The other option is the lender will file a lawsuit to recover what is owed on the vehicle plus any added penalties and legal fees. A title win a lien holder on it is not a clear title and any attempt to circumvent the law by selling said vehicle for "junk" or under false pretenses can be leave the borrower/owner open for criminal prosecution and civil penalties.
- In reference to last answer: When I first got behind in my payments (3 mo.) the bank called and said the vehicle will be repossessed within 30 days. Nobody ever came. I never hid it, or tried to keep it from them, i just waited for them to take it. So after 90 days of waking up wondering if it had finally been taken yet, I got tired of waiting and called the bank. (At the time, First Union) They told me the loan went straight to "Default" and passed over the repossession process. This made no sense to me what so ever. Why would they leave a two year old vehicle with the person who could not pay on it and not try to collect it and sell it to make
SOMETHING off the loan? So I actually asked to talk to the repossession company which WOULD have been used to collect my vehicle. They too told me the same thing, that the loan went straight to default and no collection would be made. I called the bank back and kept asking to speak with the person in charge all the way down to the President of something (can't remember) and he confirmed that there would be NO COLLECTION attempt. I explained to him, I have the vehicle here, I will drop it off to YOU anywhere you tell me to go. He declined the offer and said by law he could not accept it because the loan had gone straight to default. I asked him how is this possible? He said he honestly didnt know, and that because the loan had already gone to default, nobody at First Union no longer had any power to collect the vehicle, and that it will now show up on my credit as a defaulted loan. (And it has) That was SEVEN years ago!
What else can I help you with?
Does the lien holder of a vehicle have the title?
No it does not
How do you receive a vehicle title that still has a lien?
You can't. If a vehicle has a lien on it the lien holder is the owner of record of the vehicle.
Can i Put a lien on a vehicle to get my name on the title?
A person or a company that puts a lien on a vehicle is a "lien holder" that is on the title. It is not recognized as ownership.
How do you find lien holder on vehicle?
To find the lien holder of a vehicle, the registered owner of the vehicle will have to apply for a duplicate title. The VIN will be necessary to obtain the duplicate title. The lien holder will be listed on the duplicate title.
What to do when the wrong lien holder is on the vehicle title?
georgia law on timeframe lean holder has to process car title
I ve a clear title to my vehicle with no liens can the dealer legally repo this car?
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
How do you add my name as a lien holder to a vehicle?
Take the title to the office where you get your tag at, and take the buyer, and the lien holder and the'll help you.
Is it possible to have a lien on your vehicle even if you already have the title?
Yes. The title you received when you purchased the vehicle should show the lien holder. Even when you buy a vehicle on credit, you will receive a title. It is a lien title. You will not receive the full or clear title until the vehicle loan is paid off.
How do you get a car that has a lien on it in your name registered in your mother's name since she is the one who will be driving it?
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.
How do you locate a lien holder?
The lien holder is a person or business who have a concerned interest in a vehicle. Most times a bank or finanacial institution. You need to find the lien holder which is located on the title or can be found be contacting your DMV and giving the VIN and then finding their phone number, I would try calling information. Contact the lien holder and ask if the lien is still on the vehicle or what you need to do about having the lien removed. Sometimes a lien can still be on a vehicle even though it has been paid off, if the owner did not apply for a new title to clear the lien.
If the lien holder was supposed to repossess a motorcycle but never did can you sell it and how do you obtain a title?
No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.
How can you find out if your title was transferred to you after paying it off?
contact the DMV. Request a replacement title for your vehicle. At that time you can also ask who the lien holder is. If there is no lien holder, there was a breakdown with the lender. You should have received a clear title by mail from them.
