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TJ, Esq.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 12133
Experience:  JD, MBA
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I live in oregon and in August of 2003 i incurd a accident

Customer Question

I live in oregon and in August of 2003 i incurd a accident in which i retained the salvage rights on my truck which is a 1989 Dodge Ram charger truck. then in 2008 I filled bankrupcy and included the truck in the bankrupy. and after i recived the bankrupy in December of 2008. and in April of 2009 I printed a report of all three credit reports and in all three the finance company, Peopels Credit Company in Portland Oregon. reported on all there about the truck haven been in the bankrupcy and if i read the three reports right, they (peoples credit company) charged off the truck. now i hade gone to the DMV to see about a slavage title, for the truck and the DMV informed me that ther was still a lean on the 89 dodge form what i asumse is the said finance company. now my question is? with me haven the savlage rights and they haven charged off from the bankrupcyin the reports, what do i need to do to get them to release the title or there intrest in the truck because it seems to me that i should had gotten the title or a letter from them as well and  to the best of my knowlage i have never recived one from them. i am needing to dispose of the turck becuase i have not been able to get it fixed like i thought i would had been able to or had hoped to. and with no title i can not get rid of or try and sell the truck. please help and tell me what i need to do to get some sort of release of intrest from them on this truck so that i can dispose or sell the truck. Thank you i look forward to hearing your responce hopely with in my favor (of course)
Submitted: 5 years ago.
Category: Legal
Expert:  TJ, Esq. replied 5 years ago.
Hello and thank you for allowing me the opportunity to assist you.

Can you clarify what you mean when you say that you retained salvage rights? Do you mean that the insurance company totaled the vehicle, and you kept it? Who received the money from the insurance company? If the lender received the money, shall I assume that the debt was not entirely paid off?
Customer: replied 5 years ago.
Yes the insurance totaled the vehicle and i retainded the truck and the pay out when to the finance company and there was still a ballance that i owed and due to not working the remining went to default and yes it was not totaly paid off.
Expert:  TJ, Esq. replied 5 years ago.
Hi again, and thanks for the clarification.

Based on what you wrote, the lender's lien would still be valid. The fact that the car was totaled would not act to release the lien if the lender was not paid in full. In addition, the bankruptcy would not act to release the lien since bankruptcy can only eliminate non-consensual liens.

However, the lien does not last forever. The lender must repossess the vehicle within 4 years or the statute of limitations expires. Once the statute of limitations expires, then you can take this issue to court to have the lien removed. However, you may want to simply contact the lender and ask what it will take to remove the lien. It may be possible to negotiate a settlement of some kind (i.e., you pay the lender $X, and the lender releases the lien). Depending on what you can negotiate, that may be cheaper than waiting out the statute of limitations and then filing a lawsuit.

Have I satisfactorily addressed your concerns? If not, then feel free to let me know, as I will be happy to clarify my answer or help with your follow-up questions. In the meantime, please remember to click the green accept button so that I will receive credit and compensation for my time (doing so does not end our session). Positive feedback is always appreciated as well. Thank you and good luck!
Customer: replied 5 years ago.
well Thank you it is ovesouly not what i was looking for and i still have no funds to pay what they may ask for they have never tryed to contact me sence the bankrupcy that i know of. and when would the statue run out you mentioned four years the loan was in 05/2003 and this is 2011 the bankrupcy in 2008 just woundering
Expert:  TJ, Esq. replied 5 years ago.
Hi again.

That statute of limitations began to run when you defaulted on your loan, since that is when the lender first had a reason to repossess the vehicle. Based on what you wrote, it sounds like you defaulted soon after the accident.

I hope that helps. Please remember to click "accept."