Bank Won't Repo Car

[Zigner]

They were simply looking to get the collateral back to the lienholder. They are already to the point of considering bankruptcy, there's not much more damage that can be done.

You can't FORCE the lienholder to take possession of the vehicle.

When I financed cars ...

Then you KNOW that you can't force to lienholder to take possession.

 

[TimStudiesLaw]

You can't FORCE the lienholder to take possession of the vehicle.



Then you KNOW that you can't force to lienholder to take possession.

You're right, you can't force it. But the lienholder won't likely tow it back to the delinquent borrower.

 

[PayrollHRGuy]

You're right, you can't force it. But the lienholder won't likely tow it back to the delinquent borrower.

No, but the manager of the location where it is left may have it towed as an abandoned car and it would sit at the tow lot earning fees for the tow company.

 

[TimStudiesLaw]

No, but the manager of the location where it is left may have it towed as an abandoned car and it would sit at the tow lot earning fees for the tow company.

Yep, they may do that instead of treating it like a repo. And the buyer would pay the tow company just like they're paying the loan company. No matter how you slice it, the borrower won't have the car anymore, and SOMEONE will dispose of it.

 

[PayrollHRGuy]

Yep, they may do that instead of treating it like a repo. And the buyer would pay the tow company just like they're paying the loan company. No matter how you slice it, the borrower won't have the car anymore, and SOMEONE will dispose of it.

No the buyer would pay the tow company AND the loan company.

 

[justalayman]

You're right, you can't force it. But the lienholder won't likely tow it back to the delinquent borrower.

In Michigan they simply report it as abandoned and have a tow company take it away and dispose of it as they would any other abandoned car.

If op is lucky the police won’t cite her for abandoning the vehicle.

 

[justalayman]

No, but the manager of the location where it is left may have it towed as an abandoned car and it would sit at the tow lot earning fees for the tow company.

It doesn’t set for long. After about 3 weeks the tow company gets to auction it.

 

[TimStudiesLaw]

No the buyer would pay the tow company AND the loan company.

Right, just like they're paying now. (18 months delinquent)

 

[PayrollHRGuy]

It would be better said they will owe the tow company and the loan company. And as has been mentioned a possible fine from the city/state for abandoning a car.

 

[justalayman]

It would be better said they will owe the tow company and the loan company. And as has been mentioned a possible fine from the city/state for abandoning a car.

Actually they won’t owe the tow company anything unless the reclaim the car. The costs of towing etc are recovered through auctioning the car.

 

[PayrollHRGuy]

Can the tow company auction a car that has a lien on it?

 

[justalayman]

Can the tow company auction a car that has a lien on it?

Yep. The lien holder will be sent a notice the car was towed as an abandoned vehicle. The lien holder can pick it up if they want to pay whatever fees are owed. If they don’t after 20 days it can be auctioned and the lien removed.

 

[PayrollHRGuy]

Yep. The lien holder will be sent a notice the car was towed as an abandoned vehicle. The lien holder can pick it up if they want to pay whatever fees are owed. If they don’t after 20 days it can be auctioned and the lien removed.

And those fees would be added to the amount owed by the owner when they sue.

 

[justalayman]

And those fees would be added to the amount owed by the owner when they sue.

That is IF the lien holder claims the vehicle. If they simply let it go, it’s moot.

But the interest on the loan keeps adding up every day until paid.