Repossession

Read your sales contract.

If the person that totals-out the car doesn't pay the amount owed, then the co-signer is held liable for the remaining balance due on the car. If the co-signer says "the heck with paying it," then your credit report could be affected for up to 7 yrs. or the co-signer could be sued by whomever the co-signer owes or both. The co-signer may then turn-around and be able to sue to recover their costs/expenses from the person that they co-signed for, depending upon the agreement signed at the time. Also, if their was another insured vehicle involved in the accident, and the other driver was at fault, then the other driver's insurance pays the co-signer since the title is in the co-signer's name, and the totaled car was insured, if required by state. If other car was uninsured, then you can sue the uninsured driver for the loss. Different laws for different states.

If you wanted to go used you could easily get a Honda Element which has tons of room for under 20k. In new cars you could look at a Nissan Versa which has a surprising amount of room for a small car.

Since your name is not on the title you have no right to possession. Therefore you must be diligent in making the payments on the loan to keep it current or your credit will be ruined. Make sure you have written proof that you are the one making the payments and keep a clear record for every payment you have made. Canceled checks are the best proof. Automatic withdrawals may not satisfy the court that you are the one making the car loan payments. Extremely important: You should make sure there is full insurance coverage on the car in case your son is involved in an accident. He may not be paying the insurance either. If he wrecks the car and there is insufficient or lapsed insurance you will still be responsible for repayment of the loan. You should contact an attorney in your area for advice on filing a court action to have the title transferred to you so that you can take possession. You should act ASAP to protect both your investment, your liability for the amount due on the loan and your credit.

Is it too late to record the lein??

Assuming the "owner" has not applied for a replacement title and had a lein recorded on the replacement title through the DMV, then yes.

Nope. At least not where I work. I work as a security guard for a local plant that has a security booth that is staffed 24/7. We are not allowed, by the clients rules, (I work for a contracted security company)to let repo men come on the property. We had an incident occur not to long ago. A repo man came to the main gate so he could repo a vehicle. The main gate guard told the repo man that he was not allowed to come on the clients lot per the clients rules. He got nasty and said he was going to call the police. The repo man was then told that the police are not legally allowed onto the clients property unless we or the client call and ask for assistance or the police have a warrant or the police have their lights on and are pursuing a fleeing vehicle. I was told to keep a lookout for suspicious vehicles and report any trespassers on the property. had the repo man trespassed, I could have notified the M/G and the police would have been called and arrested the trespasser. Also, I would have had plenty of help from the forklift drivers and other workers if the situation had become unsafe. The repo man never came back. You may dispute this, however I know the client rules and know what I am allowed and not allowed to do. We never got in trouble, and the cops never showed. The client, as far as we know, never talked to us or our boss about it. There was never a breach of security, so I don't think it ever went beyond our boss because it was not worth wasting the clients time. Our boss told us that we did what we were supposed to do and that under no circumstances were we to let a repo man onto the proerty. It's that simple. The above poster did exactly what he was supposed to do his job... good for you. The repo man does not have the right to tresspass on private property.This does not mean he won't try.... a repo man will lie and misrepresent himself to try and gain access to the vehicle.If the guards are not doing their job unlike the above poster then the repo guy will get your car.If the repo guy gets your car from a controlled lot it will up to the owner of the lot not you to press trespass charges against the lender and the repo company. To the poster who said repomen cannot enter private property. You are incorrect. The UCC (Uniform Commercial Code) dictates that they can. Repomen cannot breach the peace during a repo. In other words, if they are told by the property owner or legal representative to leave, they have to. If it is a "controlled lot" then it is up to the security guard to do his job. If it is just a matter of an automatic gate, then the repoman can go in as long as he does not: cut a lock, cut a fence, damage the fence, damage the lock, pick the lock. In other words, if he is "in line" to go in and someone goes in right in front of him, if he can get through before the gate closes, he is legal. The gate was open, he didn't open it and nobody stopped him. The answer to this question is NO, ONLY if the 'control" does it's job. A recovery agent HAS the right to enter private property until that right is resinded by the property owner(in this case, the security gaurds). IF security is law for whatever reason, you can lose your car. Your employer provides this protection for your vehicle to keep your car sercure from thieves, NOT for you to hide your car that you wont pay for. If you need to hide your car from a repoman, it sends a notice to the employer that you have the potential to be a problem to them also. Sorry you don't have "the right" otherwise it couldn't be recinded could it ???? You are "playing dumb"(something most repoers don't have to play at)....uh what sign?? what gate??? What I'm not allowed here???Funny how the hundreds of repo posters and moderators on this site are so quick to point out the letter of the law with others actions just not there own. The repo man cannot enter any private structure (but if your garage door is open, he probably will), damage any property, or cause a breach of peace. If he got onto the business parking lot, he can repo the car. The guard may have let him in knowing why he was there or he may have just said he was there to pick up a vehicle and the guard assumed he was taking it for repair. After all, the sign on the truck probably said XYZ Repair, not XYZ Repo.

The other person needs to sign it over, selling his/her share of the car basically.

You can sell the car but the balance of the loan must be paid at that time.

At the time of the sale when you know you will be receiving funds, call the bank and ask them for a "10-day payoff" this is the amount owed to pay off the loan 10 days from now.

Once you sign the title over to the buyer and receive the money, You are obligated to pay off the car at your bank. You want them to get the money within 10 days so you don't end up owing more than the "10 day payoff" you requested. Interest accumulates daily so that's not a big deal anyway.

If you do not pay the car off at the bank, when the person tries to title the car in their name, it will come up as "Lien not satisfied" in the states' database and they will not be able to register the car in their name.

who put in thought ya might be interrested in this

Failing to provide proof of financial responsibility when operating a vehicle

A lot. Legally whoever has a lien on the vehicle owns the rights to it until your loan/balance due is satisfied.

You have no legal right to sell the car in the first place because you do not own it and would have to be an utter fool to do this.

You better have decided by the time you sign the contract, because after that you can't usually return it. In most cases the contract will state this in bold letters so you can't later claim you were misled about it.

Some states require used car dealers to offer buyers the option to purchase a recission period (a short one, usually 3 days) during which they're allowed to change their mind and return the car. Note that I said "option" and "purchase" there. If you didn't purchase the option, then you don't get to return it.

When you retain an totalled vehicle, you receive a little less in your settlement amount. If this amount is enough to pay off your vehicle, you can keep it, but you will not receive your part of the settlement, if any, until after you have the title & it is released from the finance company. Also, the state regulations on retention of total loss vehicles needs to be checked.

each person is responsible for their own car until the titlework has been transferred at a vehicle title office.

as long as you have returned the car as requested. A dealer may try to keep a deposit, however most states allow for reasonable costs, re-washing,(detail) anybody or physical damage that wasn't there before and maybe miles but the law is very clear as to use and intent. drive the car for 5 days and put 15000 miles on it and you will probably lose, drive normal miles 500-2000 this would be normal. Most dealers will not retain deposits if the financing is turned down, it's not legal and it's bad business. There is a non-refundable deposit kind of deal, special order, last one in stock, these kind of deposits can and will be kept by the dealer.

I bought a car and I cant get the title for it what to do

He is not required to write anything stating that you are buying "as is". That is assumed. Unless he stated in writing or verbally that he is selling the car with a warranty, you are probably out of luck. Of course you could take him to small claims court. If you could prove that he knew the car had a problem and hid that problem from you, you may prevail. New cars have problems, why would you expect it to be different with a used car. There is an old saying, "Buyer Beware".

Another person wrote: "I have never heard this one before. I think it is very unlikely as lead is a very soft metal and would not be able to withstand the constant turning of the key before it wore away and the key would be totally useless. This is so unlikely it is not even on www.snopes.com as an urban myth."

However, toxic levels of lead in house and car keys is common. Please see the following fact sheet for families and DO NOT let your children chew on or play with keys!

http://www.ucsfchildcarehealth.org/pdfs/factsheets/leadinkeysen011804.pdf

Lead may also be present in many common household objects from miniblinds to costume jewelry to powercords. It's dumb for countries to allow lead to be used in these items, but of course we get even dumber the more lead we use.

Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!

It should be Hot Wheels