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How soon can a repossessed car be sold by lien holder in New York?
Wiki User
∙ 11y ago
A "Repossessed" car is one, I would consider, to belong to the legal "LIEN HOLDER" typically a financial institution. Legally speaking they are the rightful OWNER of the vehicle until the day it is paid off, or LIEN is SATISFIED- so after successful repossession occurs, I can imagine the goal is to sell the vehicle ASAP to recoup financial interest. However, a title must be requested from the NYS DMV which is currently 4-6 weeks from delivery. Vehicle could not be sold without a proper transfer of "ownership".
Garageman's or Mechanic's Liens takes a minimum of 30 days to notify the owner via certified with a return receipt and 2 publication ads to be run. Proof of contract (contesting the contract has been broken) must be provided and all proof of actions be supported. Entire process takes 6-8 weeks MINIMUM.
Sheriff or Marshal's may sell cars 30days after car has been Towed/ Impounded, they produce their own ownership documents (Marshal's Papers).
Wiki User
∙ 11y ago
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What if your car was repossessed and the lien holder charged it off but sold the debt to someone else?
You are still walking. You must pay off the new holder of the note. act wuick as they will sell it fast.
What happens if you sold equipment that has a lien on it not paid for?
you could get sued by the holder of the lien
How do you get a car that has a lien on it in your name registered in your mother's name since she is the one who will be driving it?
A vehicle with a lien holder named on the title cannot be traded, transferred or sold without the title being cleared by the lien holder.
If the lien holder was supposed to repossess a motorcycle but never did can you sell it and how do you obtain a title?
No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.
Can your car be sold if it was repossessed?
Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.
How much can a vehicle be sold for once a lien has been secured?
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.
What can you do if car was repo seller sold car at aution without giving the purchaser 10 days to recover vehicle?
You have no rights to recover the car. Once it has been repossessed the lien holder has every right to sale the car any way they wish to settle the loan.
Can the bank put a lien on your home for the balance after the repossessed auto is sold at auction?
YES, after they get a judgment for the amount still owing on the contract. That amount can be applied as a lien against other property you own.
If your car was repossessed how can you find out where it is and how much you owe on it after they sell it?
you need to call the lien holder or the police they should have a log of all repo's done in the town u are in. Also you will not find out what the car was sold for until after it is said and done. most states you have so many days to get the car back.
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
Can a recorded lien be sold or assigned?
Yes. It can be sold and then an assignment of the lien must be recorded in the land records so that anyone checking the title to the property can contact the lien holder. If mortgages are not properly assigned as of "record" and the owner by an unrecorded assignment forecloses that foreclosure may be deemed defective.
How long does the company have after the car is sold to sue for amount owed on car?
This is an almost impossibility, unless the title has been doctored. If "the company" sold person A the car, the title contains that company's name as a lien holder, which means that the car cannot be transferred to another person without the approval of "the company". Look at a car title from a dealership, for example, and see what color it is. Then look at a title for a vehicle that is paid for and is free and clear. The dealership title has the dealership name on it as the lien holder, different color title. The free and clear title has no lien holder and is a different color. If a car has been sold with a lien holder, person A is responsible for payment for the car, regardless of who is driving it.
