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Car lien

Date: Thu, 06/07/2007 - 13:54

Submitted by anonymous
on Thu, 06/07/2007 - 13:54

Posts: 202330 Credits: [Donate]

Total Replies: 6


I put a lien on my friends car because i lend them $9,000.00 to buy the car, they have not pay it back. Now they owe money to a mobile home company and the company came and picked up the car, now i want to know what happens to the car since i put the lien on it, those that company have to pay me for the amount they owe me or how those that work. Please let me know. Thank you


Several questions I have:

Is your lien perfected? Meaning, are you actually listed on the title as a lienholder? If so, you should actually be in posession of the title.

The mobile home/finance company should not be touching the car unless they have a security agreement listing that car as collateral on their financing contract. They would also have to be listed on the title as a lienholder if they wanted to take it. If you had the title, then they couldn't have put a lien on it. Also, if they took the car and they're not a lienholder, then that is considered theft and you could report it stolen.

Another thing, I have seen this done. You may be a lienholder and have the title... The car owner reports a lost title and gets a duplicate issued, then goes and uses the duplicate title to put the car up as collateral somewhere else... (by law the first person to get their lien perfected would have superiority over it)... but that is also considered conversion of mortgaged property. In Illinois it's a Class 2 Felony.


lrhall41

Submitted by DebtCruncher on Thu, 06/07/2007 - 20:33

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The name of the company that took the car is asset acceptance.


lrhall41

Submitted by on Fri, 06/08/2007 - 09:00

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I am the lien holder my name is on the lien, i did these at the dmv. I have the title of the car. The mortgage company never put the car in the finance contract. So ihave to report it stolen, because the company dosen't answer my calls at all or the detective that came with the tow truck to pick it up.


lrhall41

Submitted by on Fri, 06/08/2007 - 09:07

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It sounds to me like a case of Auto Theft. If you have the title and they have the car report it to the police and give them the name of the company. But just be sure that your friends have not hidden the car and concocted the whole story. Pardon my skepticism but I use to have freinds like that when I was young.


lrhall41

Submitted by Frogpatch on Fri, 06/08/2007 - 10:38

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