2007-02-03 13:55:37 · 4 answers · asked by jesse g 1 in Cars & Transportation ➔ Buying & Selling
The car is not considered stolen, but until the lien is removed from the title, there is no way for you to legally transfer ownership. There are many reasons that a loan would be written off by a finance source. It could be that after searchs, the owner, or the vehicle, can not be found! After a point, accounting rules require a debt to be considered "bad" and written off.
This does not mean that you do not still owe the money. This means that the bank has taken the loan off of their balance sheet, and are no longer considering it to be an asset!!
This also does not mean that the bank can not reposses the vehicle!!! If they get updated information, they can and will take the car.
For example, I had a customer who we financed "in house" which means that the dealer (me) took a down payment and allowed the customer to make monthly payments. The customer paid well for a while, and then moved out of the area. He quit paying for the vehicle, and did not leave any trace of where he went.
He was living with a relative out of state. He did not have a phone in his name. He did not change his address at the post office or on his driver's license. He was not traceable. We wrote off the loan as a bad debt!
Several years later, he changed insurance companies. The new company sent us notification, because we were still listed as the lienholder on the title. This also had his new address!
Two days later, his vehicle was repossesed. Even though we had written the loan of on our books, the debt was still valid, and we got the vehicle back!
Contact the finance company and see if they will be willing to settle the debt!!
2007-02-03 14:21:21 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
A bank isn't going to "write off" a car unless they know there is no chance of them ever getting paid.
Are you talking about a car that you have and have not paid for, and the bank has stopped pursuing the debt? I don't think so, or else they'd report it stolen. I'd be wary of repo men, though.
Also, that debt could come back to haunt you. Collection companies might hound you for it years from now.
2007-02-03 22:00:27 · answer #2 · answered by Anonymous · 0⤊ 1⤋
The bank will never release the lien until its paid in full , and will not write it off ..... ever. If it was stolen and your insurance did not cover the full amount if any , they will still pursue you.
2007-02-03 22:05:42 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It's considered repossessed.
2007-02-03 22:09:43 · answer #4 · answered by margarita 7 · 0⤊ 1⤋