i bought a 1998 jeep wrangler from a dealership but took out an auto loan on it i have the title with no lienholder on it if i dont pay the bank can they repo my truck if i own the title?
2007-03-25 16:56:31 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
ya think?????? of course they will.
2007-03-25 17:02:24 · answer #1 · answered by cubcowboysgirl 5 · 0⤊ 0⤋
This has got to be a Gag question. When you took out the loan from the other bank was it listed as a personal loan or an auto loan? If it is a personal loan then Sure stop paying the bank. that money could have been used for anything. However the bank also has the ability to Garish your wages and take up to 15% of your total take home pay. not to mention have that listed on your credit for up to 10 years (Judgments are never a good thing on credit) They may not take the truck but they can take a lot of other things away. Like the ability to ever get a loan again. and after another 10 years when the jeep dies how are you going to be able to replace it? Hmm. I can't get a loan. Keep paying on the loan. Save yourself a lot of head aches.
2007-03-26 00:25:13 · answer #2 · answered by gearnofear 6 · 0⤊ 0⤋
Depends on your State. In Texas a new title to the vehicle can be obtained by the bank if you signed a power of attorney to transfer the vehicle when you took out the loan. Sometimes these are built into the loan agreement so you have to read the fine print very closely. Also the bank can place a lien against the car, making it impossible for you to obtain a new title for anyone who wants to buy the car from you. They can sue you for the amount of the loan and their legal costs also court costs. They can also ruin your credit. Good luck - Gary
2007-03-26 00:16:53 · answer #3 · answered by g_dub54 2 · 0⤊ 0⤋
Of course they will repo your car. A paper title means very little anymore, most all motor vehicle records are kept electronically. I would get the lienholder listed on that title so when you got it paid for they can officially release it too you.
2007-03-26 00:05:05 · answer #4 · answered by lwjksu89 3 · 0⤊ 0⤋
If the title is in your name, the truck belongs to you. They can sue you for the balance, and court costs and attorney fees. Plus you can never borrow from them again. You are better off doing the right thing and paying the loan off.
2007-03-26 00:08:04 · answer #5 · answered by Ed D 1 · 0⤊ 0⤋
Yes and your acually in violation of your loan contract if you have the title you should turn it over to them until you pay the vehicle off.
2007-03-26 00:36:25 · answer #6 · answered by firetdriver_99 5 · 0⤊ 0⤋
I would be willing to bet a $1 that they have filed a lien with the DMV it may show up when you register it this time.
2007-03-26 00:05:21 · answer #7 · answered by calired67 4 · 0⤊ 0⤋
Sure, you can default on the loan. you will also ruin your credit in the process whether or not they come and get you truck.
2007-03-26 00:17:12 · answer #8 · answered by JDZA 2 · 0⤊ 0⤋
dont be a deadbeat.good credit is important and its only right to pay your debts.too many people want something for free,no wonder there are so many problems.wake up people the world owes you nothing!
2007-03-26 00:11:36 · answer #9 · answered by dixie58 7 · 0⤊ 0⤋