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rtccook · May 19, 2011, 12:10 PM

I got a car 7 yrs ago and defaulted on the loan. I still have the car, Recently I got a letter from the finance co. seemed like to me they were giving up on it.Can I get a title on the Car?

JudyKayTee · May 19, 2011, 12:52 PM

If you are asking if you can get a clear title, no, you cannot. There is a lien against the car. The fact that they are "giving up" on collecting the loan does not mean they are "giving up" on trying to collect their money.

You cannot sell or transfer the car without paying them off.

ScottGem · May 19, 2011, 01:05 PM

What did the letter say that makes you think they were giving up?

joypulv · May 19, 2011, 01:25 PM

If your loan was sold to a third party, you now can't pay off your lender directly even if you want to. It certainly doesn't mean you don't owe, or that you own the car.

rtccook · May 19, 2011, 05:32 PM

Originally Posted by ScottGem

What did the letter say that makes you think they were giving up?

Staute of limitations 6 yrs in ga

JudyKayTee · May 19, 2011, 05:33 PM

They wrote you a letter that said they are going to stop attempting to collect because the Statute has expired? I find that difficult to believe.

However, this doesn't change the title. They have a lien on that vehicle and will until it is paid off.

smoothy · May 19, 2011, 05:43 PM

You may not want to hear it... but a lien doesn't "expire". Even if the lien holder goes out of business without someone buying up their assets and holdings... that lien still remains valid and can't be removed.

How do I know this? A Co-workers son (in Maryland) has a vehicle he can't sell or trade in because the lien holder is out of business, and nobody is acting as their agent that can release it... and it can't transfer with the lien. In fact a legitimate scrap yard won't even take it without a clear title.

A lien remains until the obligation is met and the person who owns the lien releases it.

JudyKayTee · May 19, 2011, 05:56 PM

Originally Posted by rtccook

didnt ask for your non legal opion

You didn't get my non legal "opion." You got my legal advice based on what you posted. The title lien never expires; the statute has nothing to do with the title lien.

I would suggest you read the rules of AMHD.

When you posted you asked for my legal "opion." Whether you take the advice or even like the opinion is up to you. That doesn't make me wrong. If you want inaccurate, feel good advice talk to your friends. I'm sure they'll reassure you.

In the meantime don't attempt to direct the Board.

JudyKayTee · May 19, 2011, 05:57 PM

Originally Posted by rtccook

thankx dude

Apparently you said exactly the same thing I said (twice, in fact) in language which OP could understand.

Go figure, dude.

ScottGem · May 19, 2011, 05:59 PM

You are telling us a lender was being totally honest and telling you the SOL expired? That would be a first in my experience. But even if the SOL has expired, it doesn't change the fact that you owe this debt and that the lien remains on the car.

And, as pointed at, by posting you open yourself to any answer that doesn't violate our rules.

ma0641 · May 19, 2011, 06:11 PM

You go girl!! Brian

JudyKayTee · May 19, 2011, 06:11 PM

Originally Posted by ScottGem

you are telling us a lender was being totally honest and telling you the SOL expired? That would be a first in my experience. But even if the SOL has expired, it doesn't change the fact that you owe this debt and that the lien remains on the car.

And, as pointed at, by posting you open yourself to any answer that doesn't violate our rules.

This absolutely flies in the face of logic. Collection companies continue to sell "dead" loans for years and years after the Statute expires. Makes no sense to advise the debtor that the Statute has expired, legal action cannot be taken... and then attempt to collect.

I also note that the car was purchased 7 years ago. We are to believe that payments were made for 1 year, no activity since that time, and the car is still in OP's possession? Hard to believe. Statute runs from last activity in the account (as you know, Scott), not from the date of the loan (if that's what OP is thinking).

What exact wording is in the letter? That will make a big difference.

And, again, liens do not die. The creditor will have a lien on this vehicle long after it has turned to rust in OP's backyard - because OP can't legally dispose of it.

Fr_Chuck · May 19, 2011, 07:33 PM

No, they have no obligation to give you a title. And see no reason they would. Now I could see a crooked loan company, promising you something, like the title, if you merely send them a small amount of money, since the minute you pay them a penny, you start the SOL again.

But they can hold on to the title forever if they want, and do not have to give it to you, unless you pay what ever amount, up to full value, that they decide.