lein on car with Citifinanical

I understand where you are coming from as I had a 1995 Monte Carlo that had the same thing happen. I was fortunate enough though to purchase another car and switch out titles with my credit union and sole the Monte Carlo as a total loss.:(

Would your uncle be willing to help you pay off your car or sign over a vehicle for you to use as collatoral (sp?) for the loan? Sorry that is all I can think of right off hand.

Someone else will be along shortly to give you their advice hang in there. :oops:

joe-are you going to be selling the car to your Uncle for enough to pay off the lien? If so, can your uncle give you the money first, you go pay Citi, they release the lien then you formally transfer title to your Uncle?

He is only giving me me $500 for it because he is going to have to tear apart the engine to make it start again.

I am thinking I am pretty much SOL because I cannot think of another way to get the lein off.

I'm sorry to say, they're not going to just hand over the title ... .

Lenders usually require their customers to keep comprehensive insurance on the vehicle. As big as Citi is, surely I would think they kept on top of your insurance ??? Or maybe not ... do you have insurance? My first answer would be to file an insurance claim.

Now, these numbers don't seem right to me. Most finance companies loan to value, give or take. They must have thought your car was worth at least $8000 if they gave you that much money. So even with a bad engine, it still should be worth about $4K. Is the car that old that it's only worth $500?

For that much, you may as well give the car to Citi and let them sell it. It'll be easier for them, since they have the title. If you drop it off and sign forms, then it will be classfied as a voluntary surrender and not a repo (still bad on your credit report though).

I actually have the title for my car. It just says that I have a loan againist my car. I called my insurance and said since it was the timing belt that broke and it was manitanice that they could not cover it.

We just got rid of citi financial auto, by getting a loan through our credit union to pay them off. But at the time of buying the truck we had to get an extended warrenty for the truck. Because citi didn't want us to have to worry about getting the truck fixed AND still try to make the payments. Thank god because we did have one problem so far and it only cost us $100 to fix, but it cost the insurance company $2,000.

Did you have an extended warrenty? If so check and see if they cover that kind of damage.

But what they told you was right. There is no other way of getting the title back besides by paying it off. Heck I paid mine off the begining of the month and I still haven't gotten the lien release yet.

I did not get the extended warrenty of my vechile. I still looking around to see what my options are about paying this off.

I forgot that in Wisconsin they do let you keep the title in your possession. But with the lien there, you can't do anything, and Citi is not going to release their lien very easily.

It's possible -- if you call and talk to a supervisor/manager. Explain the car is beyond repair, show them repair estimates. If they realize the car is worthless, then they might just give up the lien -- provided, they will want the buyer to pay them directly (you won't get any money out of it, it will just decrease your loan balance).

I still say keep on this insurance issue. I swear that a comprehensive policy will cover large repairs like that. Find your policies, read them word for word, and see exactly what is covered. We even have insurance forums on these boards. Maybe you could post the question over there and someone with better knowledge can answer about filing an insurance claim.

The thing is I already bought a new car and cancelled my insurance on it.

The only way that a bank will release the lien on a vehicle is if the loan is paid off, or if they are given equal or better collateral for the loan. If they release the lien, they have no leverage at all to collect. They would rather repo the vehicle that let you sell it for $500 and take have a $8500 unsecured debt with them.

Put insurance back on the car today! Your loan agreement will allow them to purchase and charge you for insurance if you do not provide it, and the cost is going to be MUCH higher than you would pay.

Your only hope is to find some way to pay off the car. You do not say what year the car is, so I can not tell you what it is worth, but if it is a fairly late model, it is worth more than $500 even with a bad motor!

I live in PA. and have a vehicle financed through Citi, as well. I have a 'pink slip'...Citi has the ORIGINAL title, until the loan is paid off. I was reading the other posts, on this thread. Someone said something about having a loan, at Citi, for their vehicle. Do you mean you have your car financed through Citi, with the car as collatral..OR...do you have a PERSONAL loan, USING your car as 'collateral' for that loan? I would say, if your Uncle can't pay the loan off ( or someone can't help you do that..) then you can transfer the title, because Citi would continue to have it.

I want to pay off my lien to get my title but know one seems to know who i need to talk to to pay it and i need the title..any suggestions...

You contact the company that financed your vehicle and ask for your payoff total. You pay it off (it is usually faster to pay it off with a cashiers check, if you can) and ask them to mail you the lien release. Then you send in your lien release to the state. The state will then send you your title. Who is your lien through?