IF THERE IS A LIEN ON A VEHICLE UNDER SOMEONE ELSES NAME WHEN THAT PERSON BOUGHT THE VEHICLE ORIGINALLY WITH A BANK...I NOW OWN THE VEHICLE, CAN THE BANK TAKE THE CAR IF THAT PERSON DEFAULTS ON THE LOAN?? THX
by 
PHILLY
ANSWERS: 6
-
Yes. Anyone with a lien on any of your property can take the property if the agreement is violated.
-
I am confused. are you saying the bank financed this vehicle, when it currently had another lien on it? or, did you purchase this vehicle, with an existing lien? Selling any vehicle, in any state, that has a lien on it, is a violation of law. it is a felony. If this is the case, the bank, once this is discovered, cannot only repossess the vehicle, but can file criminal charges on you and the previous owner. I would straighten out this situation, pronto. some police officer may stop you and check the vehicle identification number. the vehicle will not come registered to you, but rather the previous owner. this will start the ball rolling for someone to be arrested and rightly so.
-
Yes, the car is the bank's security against default. If the auto loan to the bank is still owed by the previous owner and he defaults the bank is entitled to either take back the car, or ask you to satisfy the lien. When you purchased the car the lien should have shown on the title, if the lien was released you should have recieved confirmation of that from the seller. If the seller represented to you that there was no lien, or knowingly sold it to you with the lien and did not tell you about it then that is fraud and you can go after him for the money you lost.
-
hello you do not own the vehicle until the lien at the bank is paid off good luck charlotte www.gotplates.com 800-901-5950
-
First, its a felony to sell a vehicle that has a lien on it. How did this vehicle pass through the bank, without being discovered? Eventually, someone will be arrested, concerning this vehicle.
-
Oh, yeah! The vehicle is not yours
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC