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Who is the lienholder in car buying?
Who ever is holding the title as collateral for a loan. The bank or finance company typically.
What is an auto lienholder?
A lien holder is someone who has a financial interest in a car. It could be the bank you financed it from, or someone else who the car owner owes money to. The car owner's name is on the title with the lien holder's name so that you can't sell the car without the lien holder signing the title...this means that you don't owe the lien holder any money on the car. The car is now 100% owned by the title owner.
Can you repossess a car if you do not have a written contract on it but you are a lienholder and you have the title with your name listed as lienholder?
If you don't have a "contract", you aren't a leinholder. A lienholder must have a contract and have filed the notice with the county recorders office and the title must state you as the leinholder. If the person is named on a title as a lien holder he or she has the legal option of repossessing the vehicle as it is determined by the laws of the state where the vehicle is registered.
When getting an auto loan, is the title different in California than paying cash for a car?
Yes, taking out an auto loan means that there is a lienholder on the title of the vehicle. Once the loan is paid off, the lienholder is removed and it is owned free and clear.
When a bank repossess someones car?
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
Can a lienholder repossess a car if you have a clean title but still owe them money?
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 your car is going to be repossessed is it legal for you to sell it before the actual repossession?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
Can a car that's repossessed be entered by towing company without authorization?
The order of repossession is their authorization to enter the car. If your car is being repossessed, it means there's a lien on it, and the lienholder called for the repossession to be carried out. You don't own the car - the lienholder does, until you pay off the lienholder and they relinquish the title to you. So yes, that tow company doing the repossession has every right to enter the vehicle they're repossessing.
CAN I GET A LOAN AGAINST MY CAR IF ITS NOT PAID FOR?
No, because, until you get it paid off and hold the title, it's not actually your car, per se - the lawful owner is the lienholder.
What does lp mean on vehicle title in Iowa?
LP on a vehicle title in Iowa stands for "lienholder processed." It means that there is a financial interest or lien on the vehicle, typically from a lender who provided a loan for its purchase. So, in simple terms, someone still has a claim on that car until the loan is paid off.
Do you get the title to your car if you have a loan on it?
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)
How do you buy a used car from a private party if it's still being paid off?
There will be a lien on their title from their lender. You need a title in your name with them only as the lienholder. Unless you are paying cash, then there would be no lien on your title.
