Unusual situation...need advise ASAP!?

Question

Several years ago I anticipated financial troubles. Called the car loan company to give them a heads up. They said they couldn't help me until AFTER I was late on payments. Finally...I was late. Lost my job, just couldn't pay. I told them they were welcome to take the car. The original loan was $12 K and I had paid off all but $3K. They wanted to settle. I had no $$ to settle with. I took the car to Carmaxx and it only appraised for $600. Not enough for the pay off. Here's where it gets unusual, as far as I'm concerned ....after the appraisal they weren't interested in repossessing it.....and they never have. It's been two years! Is that strange?? Meantime, about a year and a half ago shortly after all this took place I stopped driving it because gas was so expensive and I was broke. (It's an SUV). It's been sitting in my yard and doesn't run. I don't have the title because I didn't pay it off. I'm moving out-of-state in one month and need to get rid of it legally.

Answer 1

i belive that your finance company has "written off" the $3000.00, though it will adversly affect your credit rating. As for the truck, well, donating it to a charity does present a problem, because most want a clear title when they take the vehicle. I would suggest two options: 1) Write and call the finance company and inform them of your intent to sell the vehicle, if they wish to claim the entire amount that you sell it for as "final payment" on the loan, then they must be prepared to provide the title. Truthfully, I think they are just going to pretty much ignore you, so here is option 2. 2) Advertise and sell the vehicle "with no title", on the sales agreement, you need to clearly state the reason for the title not being provided, so to prevent the buyer from any obilgation to your finance company. Well, there is a third. 3) Sell it to a salvage yard for cheap and forget about it.

Answer 2

Well, first off, they've written off the remainder of your debt on their taxes because it was worth more to them as a write off than as cash.

Second, if the car is over 10 years old, you really don't need a title. If it's not, then I'm at a loss. You could probably call a lawyer and get at least that much free advice--they'll usually do 1 free consultation.

Good luck.

Answer 3

What you are gonna wanna do is sell the SUV, call the bank and find out how much they want to release the lein. Then, you are gonna have to take out a personal loan to cover the difference, give the bank that money, and the lein will be released in one week. You will now legally possess the title and able to hand it over to your buyer.
i.e.: payoff - selling price of SUV= personal loan amount

Answer 4

call the place that had the loan and tell them to come and get it or give you the title if they don't do either call the junkyard and tell them to come and get it if the engine is still good they may pay you for it as they can use tha parts for resale some places won't take it without a title where are you living now I know someone who might pay for it he doesn't care as he will crush it anyway

Answer 5

Ask the lender to release the lien on the title. Take the release to the DMV and get a clear title. Then junk it or dispose of it as you see fit.

If the lender refuses to release the lien, you won't be able to junk it legally, and no honest junkyard will take it. Nor will you be able to donate it to charity. Just tow it to the lender's office and leave it with them, along with a copy of their refusal letter.

Answer 6

could you donate it to a charity organisation? We have those around here, they take cars no one wants, and give them to low income people.

Answer 7

can i have it .. i can't afford a car.. and i need something to get to work.. riding my bike is hard..after 5 miles

Answer 8

Tow it to them and leave it is what I'd do.