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I purchased an automobile a little over 4 years ago under a 72 month installment agreement thru a finance company, about a month into the loan thye sent me a clear title to the auto without a lien. If i have a clear title to the auto and i default on the loan due to being in finacial bind can they repo the auto since i have a clean title with ono lean holders listed on the title?
State/Country relating to Question: Illinois Already Tried: tis is the first step i have taken
Thanks for the chance to assistSeems they made a mistake on this one. Can they repo the car? Well, not the normal way. Normally, a repo occurs when you are late on payments, the lender, who also has title, exercises their rights to the vehicle and take it back. Since they have title, they can do this.In your case, since they no longer are on the title, this method is no longer available. That said, there are a few things the lender can do.1. They could (if they realize their mistake) apply to the state for a new title. This would be a lot of work on the part of the lender and it assumes they realize their mistake.2. They could also sue you and place a lien on the car at the time of judgment (this is if you default on the loan) Please let me know if you have further questions; if so I will do my best to answer them. If not please hit the accept button, its the only way I get credit for my work. Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you do not seek to establish an attorney-client relationship with me, nor do I with you; (3) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises; (4) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf. If you do not agree with these terms and conditions, then you must advise me immediately.
How can they apply to the state for another title without my signature and i have a clean title on the auto? They realized there mistake about 4 years ago and asked me to send the title to them but i refused. so far i have always paid the loan payment on time but i am i a finacial bind and may not be able to pay the loan.
They can apply to the state with a copy of the contract and cite mistake.It will take time and the result is not certain...but certainly its possible. You did agree to this in the original contract correct?
What do you mean by the results are not certian? And yes i did sign the contract agreeing to the terms.
Well, you agreed in the contract that the title would stay with the lender...the lender could apply to the state and request to fix the mistake that was made. Will the state agree? After 4 years? No idea. But certainly it is possible.
Attorney
Law Degree, 12 Years of trial experience
Does it make difference if the lender is in a different state than where the auto is regestered?