Jump to content

American General Lien


Recommended Posts

I have a vehicle that was co-signed and I and the co-signer both filed BK back in 2003/2004. The vehicle is now paid off and the title was issued to me in December of 2004. The title only listed the finance company as the (former) lienholder. I go to get co-signer's name off of vehicle and I am told by the tag office that there is a lien from American General. I contact American General and they said that my co-signer used the vehicle as collateral. He says he used household items (still trying to dig up his paperwork to prove otherwise). AG says they won't release lien until his acct. is paid off. We both listed AG in our Chap. 7 BK. Is there anything that can be done, short of paying the amount they say is owed?

Secondly, can a company knowingly use a vehicle as collateral if the vehicle is still being paid on?

Link to comment
Share on other sites

We both listed AG in our Chap. 7 BK.

That's your key right there. Your friend's 'household items' as collateral would have been a non-purchase money security interest which is easily avoided in a bankruptcy. He needs to dig up the loan paperwork to find out EXACTLY what was used as collateral.

Any debt owed to AG has been discharged making their lien unenforceable.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.