Anonymous

Can A Lien Holder Make You Pay Off The Vehicle Or Just Take The Vehicle If Wreaked?

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Ronnie Maye Profile
Ronnie Maye answered
If it is a loan office or bank, they can take the vehicle and sell it again and if it does not sell for the amount you owe they can sue you and make you pay the difference. That in the law in most states, you need to check the law where you are from but I am almost sure the law is about the same everywhere.
thanked the writer.
Anonymous
Anonymous commented
Its not a bank or loan office this is just a lady that didnt really know me but her nephew liked me a lot and shes got a lot of money so she bought the car and gave it to me and i was making payments and she was the lien holder! does that make a difference? and the car cant be sold for the same amount owed bc its wreaked!!
Ronnie Maye
Ronnie Maye commented
If she is the lein holder and you don't pay, she can still take the car back even thought it is wrecked. About making you pay and money for the value of the car I don't know. It will depend on if you had some kind of a contract drawn up between you and her and they detalis listed, like amount owed, payment, and what the car was worth, and the payoff date. She can take you to court though and take the vehicle back. If it is your friends nephew and he liked you, I would try and work out something as she was doing you a really great favor helping you out, and trying to repay her is the right thing to do.
Anonymous Profile
Anonymous answered
I have a van but I'm not the lien holder of the vehicle what can I do I still have 34 months to pay
josse carr Profile
josse carr answered
A lien may be waived once the debt is either fully paid or on arrangement between both parties. When tax liens go unpaid, the tax lien holder may demand immediate payment, or may take possession of the property in accord with the local lien laws. Liens can also be sold at an auction for the price of the tax lien, regardless of the property's value, and to a third-party investor.

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