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I have a vehicle that was surrendered during bankruptcy. The lender never made any attempts to pick up the vehicle. We parked it in the field next to our house where it has sat for over 7 years. I am wondering what the law says about ownership. Has this vehicle been forfeited? Can I license this vehicle and drive it? It needs several thousand in repairs and I don't want to invest the time or money in something that can be taken from me. I am in the state of ky.

Thanks




Now the thing is, the SoL in KY is 15 years in such a case so the debt might still be active. Have you checked your credit report recently? If not, get a copy and comb it for some junk debt buyer who may have the account. If it does not show up, you might be in a spot of luck.

The lender never came around to pick up the car because they must have decided that it was not worth the money and the effort required. Whatever you do, do not contact the lender or the CA which might have your account. It will just reset the SoL clock.

Selling, driving or scraping the car would require you to have a clean title. The title itself should be registered in your name. Go to the DMV and look for it. If you cannot find it, fill out the lost title form. You might get it in a few hours or within a couple of weeks.

Now if there is no lien on the title, you can do whatever you wish to. Sell it, scrap it or drive it. If there is a lien on the car, you can opt to sell the car, pay the lien and keep the difference.

There are state laws at play here so you need to be careful. You can consult an attorney if you wish to before you proceed.

Sub: #1 posted on Thu, 10/25/2012 - 00:06

Steve Barris Steve Barris

(Posts: 1045 | Credits: )

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