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Lein, "don't ask, don't tell"??

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4 replies to this topic

#1 MikeDanger

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Posted 24 March 2012 - 03:08 AM

What to do here? I dont want to wake a sleeping dragon:

So I bought a new motor cycle in Nov-05... Dealer send the "Cert of origin" to me, instead of the Finance Co. I never sent it to them Fin. Co. either(I never titled it, other than temp tags)
Well I forgot to make some payments about a year later and they came to get it...
But I arrange to cover what I was behind and got it back... and now it was a custom finance deal or something... But I had to send them the Title, (so I sent them the Cert of Origin, since that was all I had)

THEN... I got behind again.... anyway they send some letters, but nothing indicating a repo.. Then nothing, 6 mo. later I get some collection notices from some CA for a little bit...

BUT as of the last 3yrs or so, I havent hear anything from anyone... AND a record search shows nothing.

Who has the lein? If the Finance company sold the debt, did they release the lein? Because the CA letter I got, didn't indicate anything about a "loan" or vehical it was more like a Bill.

also since I haven't heard anything for a long time what does that mean?

I Just want to be able to get it registered so I can ride it. Now unless I get a title... It seems my only option is a bonded title. which means I have to do a title seach... But if the Fin co. didnt title it... what does that mean?

Right now its like the bike doesnt exist, only the Fin Co and I know it does (but either they have forgotten it, or gave it away)

#2 MikeDanger

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Posted 24 March 2012 - 03:16 AM

Decided to make a second post.

lets say the CA, bought the debt.. But just the debt, just like a credit card or something. Can they claim the title/lein? I mean I'm going to assume I cant call the orginal Fin. Co. and ask for the title, but can I file some paper work to get it?

I guess what im ultimately asking is are/can the vehical/debt be seperated?
I mean If I bought the bike on my credit card... and defaulted on the credit card... they couldn't repo the bike (reasonably speaking). and if the current CA(if they even still exist) only bought a "debt amount" rather than a "vehical" would they know? or care?

#3 MarvBear


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Posted 24 March 2012 - 07:23 AM

Whomever has that MSO, has the ultimate power. You local DMV can tell you if the vehicle has been titled, to whom it is titled, who is the registered owner, last time tag was issued and the tag number, or the lack thereof.

#4 mk_378

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Posted 24 March 2012 - 08:57 AM

Who has the paper does count for a lot in practical terms, but ultimately in legal terms it's what is on the contract. Contracts to buy a vehicle on installment terms almost always state that the lender has the right to hold a lien on the vehicle.

General-purpose credit cards (VISA, MC, etc) are unsecured loans. Buying a vehicle with one, you get clear title immediately. In case of default (not fraud), the only way the creditor could come back and take the property away would be in a judgment situation, where any of your non-exempt property could be siezed, regardless of who originally paid for it.

Edited by mk_378, 24 March 2012 - 08:59 AM.

#5 JWBurns

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Posted 25 March 2012 - 12:59 PM

"I forgot to make some payments"

Couldn't help but lol at this one..

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