I bought a car from a guy I work with. I paid in full and the car is insured under my name. I also have a bill of sale and a receipt. The problem is he still owes the bank money for it so the bank has the title. Can the bank repo the car from me if he stops paying them?
2007-11-01 19:01:18 · 11 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
They can absolutely take the vehicle because legally, it is theirs. The bill of sale you have is from the 'seller' to you, not from the bank to you, so as far as repossession is concerned, there is nothing you could do to stop it.
In addition, since the bank has no record of the transaction between you and the 'seller', once the loan is paid, they will send the title to the seller, not you. You really need to get a handle on this situation as soon as possible. It's important to get a title whenever purchasing a vehicle, or if there is a lien, you should make the arrangements with them prior to taking the vehicle. Good luck and I hope this helps.
http://www.theautoevaluator.net/Resources.html
2007-11-02 03:24:03 · answer #1 · answered by The Auto Evaluator™ 7 · 7⤊ 0⤋
If he stops paying then yes, they can find the car and repo it. You should have gone to the bank with him and paid them directly, you cannot get the title in your name if there is still a lien/loan on the title. Make sure he pays the bank in full ASAP, if he doesnt ask for your money back since its not legally your car w/o the title.
2007-11-02 01:31:03 · answer #2 · answered by ♥Kempa♥ 4 · 0⤊ 0⤋
The bank is the legal owner of the car, so yes they can take the car from you if he defaults on the loan. If you bought the car from him, he should have used the money to pay off the car and get the title from the bank. I would tell him to give your money back, you return the car and go buy another car somewhere else. just so your not worrying about the bank coming and getting it for default of payment. either way you lose the car if he defaults. I would notify the bank to inform them that he sold the car.
2007-11-01 19:14:59 · answer #3 · answered by gearnofear 6 · 0⤊ 0⤋
Yes, I hope you can get the bank to release the title, which they will gladly do after the loan is paid off. Until then, you do not own the car, since a loan lien is on the auto.
Therefore, the lien holder can and probably will repossess the auto if it isnt paid for as agreed.
The person who said "no" is flat out wrong, disgregard that bad advice.
2007-11-01 19:13:29 · answer #4 · answered by Mr Smart 4 · 1⤊ 0⤋
Find the contract your mom signed and read it. It will have all the info regarding GAP insurance. IF you do not have GAP, you will have to pay the $1900 immediately. Banks will not let you make payments on a car loan where the car is totaled. Insurance pays $5000. You pay $1900 or GAP pays it. Insurance company gets the title and the car.
2016-05-27 00:20:56 · answer #5 · answered by ? 3 · 0⤊ 0⤋
The bank can, and will, come after you if you took over the other owner's payments because they are still holding the title! The bank doesn't care who has the car, they just want their money! "I hope your name is on the title!"
2007-11-01 19:20:39 · answer #6 · answered by kelleyskeeper 1 · 2⤊ 0⤋
It is fraud. You can't sell mortgaged property. You can't sell something you don't own. The bank or the lein holder owns that car and not that person. You are in a world of trouble. Go get your money back immediatly. He is breaking the law.
2007-11-02 03:21:50 · answer #7 · answered by $1,539,684,631,121 Clinton Debt 6 · 0⤊ 0⤋
YES AND YOU NEED TO REMEMBER WHO STILL HAS THE TITLE, THE LIEN HOLDER AND THE PERSON THAT SOLD YOU THE CAR COMMITTED FRAUD.
YOU WILL HAVE TO FILE A CIVIL CASE AGAINST THE PERSON THAT SOLD YOU THE VEHICLE OR THEY WILL HAVE TO PAY THE NOTE OFF FOR THIS SALE TO BE LEGAL.
GOOD LUCK
2007-11-02 00:43:03 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Sorry yes. He committed fraud. He sold you something he didn't own. This is fraud.
The bank can come and take what they right full own at any time and all you get is taken.
Run don't walk and get your money back
And call the police
2007-11-01 19:11:31 · answer #9 · answered by goldwing127959 6 · 2⤊ 0⤋
Yes they have the title.
2007-11-01 19:05:37 · answer #10 · answered by hotvw1914cc 6 · 1⤊ 0⤋