Obtaining a Vehicle Title?

Question

I financed a vehicle through Ford Credit. I paid a few months, then quit paying. They dinged my credit as a repo. However, years gone by, they knew my address, and I even called Ford. 7-8 years have now passed, I still have it and Ford said they would NOT come and get it. Its currently registered to me etc...

The trucks in great condition--is there a way to get a legal title on it (w/out paying the 10k i owe) ???

Answer 1

No, Ford Credit is the lienholder, forever. They will not release interest in the truck, until you pay the money owed. If you choose to never pay the bill, the repo will remain on your credit report, as long as Ford Credit leaves the repo open. You will not be able to legally sell the truck, ever. As long as the title indicates Ford Credit as legal owner, you are bound by the contract written all those years ago. Your case may have fallen between the cracks, somewhere, but there may be a day when you come out of the store, or work, and the truck is gone, towed to impound. Ford Credit is huge, they may have cold files, you've been extremely lucky, so far.

Answer 2

Did Ford release the lien on the title? I didn't think so, so you are pretty much shafted. You could sell it for parts or pay the loan off. I guess Ford figured that sooner or later, they'd get theri money. There should be a statue of limitations on it, but if you owe money, you owe money. BTW, when you made contact with them about the loan, I beleive that starts the limitations period all over again. good luck

Answer 3

Yes, you can get what is called a parking storage lean on it, Send a letter to the owner stating you have stored the vehicle for the # of Years with date and address and send a storage fee of $5.00 a day certified mail to the owner, if the letter is unopen dont open it go to the DMV and ask for a storage lean and the direction on how to legally get the title. Its not hard, they owe you for the storage. Good Luck and GOD Bless