I bought a car back in 2005 the place that I bought the car from has went out of buisness. I have not payed a payment on it in 10 months. The title on it shows a lean from the car place, what can I do about finding out what to do about paying for the car or getting the title changed?
2007-07-05 14:15:30 · 5 answers · asked by mr_marshalls_wife 1 in Cars & Transportation ➔ Buying & Selling
Contact the state DMV office to see if they have a record of the ownership. Usually when a buy here pay here dealer fails, they will either file bankruptcy, and the trustee would be the one to clear the title, or they sell the accounts and the new owner collects and can release the lien.
You may also go to the location and see if another business is renting the space. If they are, the landlord may have information on the previous business.
I assume that you tried to mail your payments, and they were returned? If not, check with the post office to see if a change of address was filed!
2007-07-05 14:34:23 · answer #1 · answered by fire4511 7 · 3⤊ 0⤋
Not so fast, the business could have been sold to someone else who would have the power to repossess your vehicle if the previous dealer went with a bank rather than "personal" financing.
Even with "personal" financing, he still has a security interest in your vehicle BUT he hasn't been able to repossess due to whatever is going on. If you try to get title in your name, the state can't simply erase the security interest that the previous dealer placed on your vehicle unless certain conditions are satisfied. Given that you're 10 months behind on payments, this is a race between you and whenever the lien holder wakes up and takes your car back.
A bankruptcy trustee can also repossess your vehicle because that is an asset which can be used to settle the owner's debts PLUS you would also be listed as a debtor who owes the person money.
2007-07-05 17:21:31 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Did the dealer finance this car or did you use a bank or other financial institute for the loan.
I would call the DMV and ask them what to do about getting the title in your name.
2007-07-05 15:26:52 · answer #3 · answered by mccoyblues 7 · 0⤊ 0⤋
at eleven you should not also be on right here in no way brain contemplating strolling a industry Are you insured, have you ever bought a piece allow Maybe re-consider this and keep on with washing automobiles for peers and neighbours , as no one will take an eleven yr historic severely
2016-09-05 15:58:41 · answer #4 · answered by ? 4 · 0⤊ 0⤋
This might be a difficult one. Is there a bank involved? If no, then maybe can request a new title from DMV. Good luck.
2007-07-05 14:19:31 · answer #5 · answered by Silverstang 7 · 0⤊ 1⤋