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Help Repo man!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


bridgett68
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It would not be theft. Whoever's name the title is in is the owner. The bank merely has a lien on it.

If they are unable to locate it, they'll charge off the loan and, depending on the amount owed and length of time it's "hidden", will probably give up.

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I’m assuming when you say your friend “purchased” a car for his friend you men your friend either got a loan solely in his name/or cosigned his name to the loan (in which case I do hope your friend was smart enough to have his name on the title whether alone or along with the other friend).

If so, your friend is about to find out the meaning of the word “pain” and “financial disaster”.

Since the car actually belongs to your friend, he can go an repossess the care himself, bring the payments current and either keep it and make the payments or, smarter idea, sell the car and take care of any deficiency (either with cash or by borrowing the money).

That’s probably the least painful option.

Other than that, the care will either be repossessed by the lender, sold at auction and then they’ll come after your friend for the deficiency (which will be a WHOLE lot bigger than if he can retain the car himself as I suggested above).

If they can’t locate the car then the may sue him for the entire balance.

It does seem to me that there can be additional civil and/or criminal charges involved when a lender can’t locate collateral – something to do with hiding assets or improperly disposing of assets that the person didn’t have the legal right to dispose of…I’m a little foggy on that so don’t take my recollections as gospel.

Bottom line is, your fiend is “in a heap of trouble” and his best bet is to stay in control of what happens to the extent possible.

P.S.

You can't "steel" a car if your name is on the title but I've got to say, were I the friend who's credit was on the line, I would find the car myself and take it whether my name was actually on the title or not!)

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It would not be theft. Whoever's name the title is in is the owner. The bank merely has a lien on it.

If they are unable to locate it, they'll charge off the loan and, depending on the amount owed and length of time it's "hidden", will probably give up.

I think you are being extreemly optomistic.

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It would not be theft. Whoever's name the title is in is the owner. The bank merely has a lien on it.

If they are unable to locate it, they'll charge off the loan and, depending on the amount owed and length of time it's "hidden", will probably give up.

Ummm....I wouldn't put too much stock in that. Usually the title is held by whoever gave you the loan. You name may be on it, but good luck producing the title when it comes time to show ownership. (How will you register the car when your tags expire or get insurance?!) Now you're getting into different scams such as fake car registration, etc. and that you can go to jail for and lose your license.

Four months? Yeah you will need to hide that car on Pluto. Repo men will stop at nothing to find your car. If they know where you live, they will eventually find your car. Especially if their skip tracing is on point.

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I can't remember who it was...but someone had not paid a car note in years on this forum at one point in their life. They finally moved to another state, made the mistake of getting new tags for it and the repo man got it. Then the OC sold the car and the OC was still owed money. And the SOL had just started. I don't remember what happened after that though.

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I can't remember who it was...but someone had not paid a car note in years on this forum at one point in their life. They finally moved to another state, made the mistake of getting new tags for it and the repo man got it. Then the OC sold the car and the OC was still owed money. And the SOL had just started. I don't remember what happened after that though.

I'm not surprised - as with most issues, including debt/collection issues, ignoring the problem is usualy NOT the answer and only delays and intensifies the pain that will eventually be endured!

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Reminds me of a friend. He had his car registered in Florida, moved to another state, and stopped paying on the car. However due to Florida's very handy registration by mail/internet he simply kept renewing the tags in Florida with his parents address. They'd mail him the new stickers every year. And forward the letters from the banks and CA's. Probably had repo men staking out the parent's property for quite a while.

Must have done that for 6 years at least. Not sure why they never caught on.

Of course, I'd bet he's got a judgment he doesn't know about in FL right now.

I don't think the parents ever knew the extent of what was going on either, probably just thought he was trying to save money by not paying property tax in the new state.

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Ummm....I wouldn't put too much stock in that. Usually the title is held by whoever gave you the loan. You name may be on it, but good luck producing the title when it comes time to show ownership. (How will you register the car when your tags expire or get insurance?!) Now you're getting into different scams such as fake car registration, etc. and that you can go to jail for and lose your license.

Four months? Yeah you will need to hide that car on Pluto. Repo men will stop at nothing to find your car. If they know where you live, they will eventually find your car. Especially if their skip tracing is on point.

As always, this will vary from state to state. When I lived in Missouri, I held the title to the car and the bank had a lien on it. I could not SELL the car but could keep renewing my tags.

When I moved to Georgia, I transferred the title from Missouri to Georgia but the bank still had a lien on the title.

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You are all somewhat talking in circles. :)

In every state I've ever lived in (quite a few) or been familar with, the lienholder ALWAYS retains the REAL title (I mean physically although in our digital age they may have changed/will change)...the "owner" then is given a "memorandum of title" (the name vairies from state to state) which is essentially nothing more than a copy of the real title and the only real use of it is to show law enforcement who has the right to drive/operate the vehicle, purchase tags, etc.

Only when the lienholder has been paid off is the real title released (usually then re-issued by the state showing no lien on the vehicle)

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You are all somewhat talking in circles. :)

In every state I've ever lived in (quite a few) or been familar with, the lienholder ALWAYS retains the REAL title (I mean physically although in our digital age they may have changed/will change)...the "owner" then is given a "memorandum of title" (the name vairies from state to state) which is essentially nothing more than a copy of the real title and the only real use of it is to show law enforcement who has the right to drive/operate the vehicle, purchase tags, etc.

Only when the lienholder has been paid off is the real title released (usually then re-issued by the state showing no lien on the vehicle)

Robert,

You may not remember the weirdo situation I had with a repo. The original sale contract was more like a lease with a balloon payment at the end and it took about 3 months from the time the car was repo'ed until it was sold at auction (repo'ed Oct 2004, sold Jan 2005). Anyway, in January 2006 the finance company sent the original title back to me. This title is stamped "lien released" and it's signed by an official of the finance company. Doesn't that further muddy the waters. Or is that evidence that the finance company accepted that I owed no more on the car? What do you think?

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Robert,

You may not remember the weirdo situation I had with a repo. The original sale contract was more like a lease with a balloon payment at the end and it took about 3 months from the time the car was repo'ed until it was sold at auction (repo'ed Oct 2004, sold Jan 2005). Anyway, in January 2006 the finance company sent the original title back to me. This title is stamped "lien released" and it's signed by an official of the finance company. Doesn't that further muddy the waters. Or is that evidence that the finance company accepted that I owed no more on the car? What do you think?

Humm…you’ve obviously mistake me for an attorney (what did I ever do to you to deserve such an insult???). :)

My best guess, and that’s all it is, would be that they released the lien (in fact had to release it) so that the vehicle could legally be sold to someone else (at auction) - releasing the lien only means that the lender was giving up their rights to the collateral (but not to the money owed by the borrower).

Whatever sort of financing arrangement it was ; you agreed to pay X dollars for the vehicle so my guess would be that until X is paid (or is satisfied in some way/settled), you would still be obligated per the original contract.

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Humm…you’ve obviously mistake me for an attorney (what did I ever do to you to deserve such an insult???). :)

My best guess, and that’s all it is, would be that they released the lien (in fact had to release it) so that the vehicle could legally be sold to someone else (at auction) - releasing the lien only means that the lender was giving up their rights to the collateral (but not to the money owed by the borrower).

Whatever sort of financing arrangement it was ; you agreed to pay X dollars for the vehicle so my guess would be that until X is paid (or is satisfied in some way/settled), you would still be obligated per the original contract.

I'll have to check the date where it says "lien released". It's just weird to me that they sent me the title a year after the car was sold.

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