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In 2005, I bought a 2005 Dodge Neon Sxt for a work car. About 2008, I bought a used sports car and had the same bank on both car loans. The economy crash hit Florida in 2009 and I lost close to $210K worth of material things. I gave my sports car up for repo and kept the Dodge, continuing payments until it was paid off. My credit report shows that the bank put a lien on my Dodge for what was owed on the sports car. The report also shows that last time they did any posting on this debt is 2010. Recently the repairs on this car is outweighing the value to keep it. I called the bank to get the title and though the statute of limitations was up on the lien, they refused to release the title. So now I have a car that doesn't run and is it so, that I can not junk it now? Other than sending that bank the $15k that it wants, what are my options? I did locate the collections company that had the note, but they had stopped trying to collect because of the age of the note. I never tried to hide my whereabouts though currently I am retired disabled. And incidentally, that bank, once I did contact them, I updated all my info with them and they haven't sent me any mail, emails, or have contacted me again since I called them.
I think the $15K was on the sports car, not the dodge. I doubt the bank would take the dodge.
You can not legally sell or even junk a car with a lien on it.
So it seems like you will not be paying back the money you owe, or you can not pay it. Either way seems like you are stuck with this car.
Of course, if you don't care to pay back the money, then you probably don't care if you break the law getting rid of the car. Put the car on Craigslist, someone will give you some cash for it.
Or I could do what they do in Florida, when this happens...I could bury the car.
Parked on a barrier island when there's a major hurricane inbound also apparently often works well. I now it happened a bunch down here for Hurricane Ivan- I remember the tv local news broadcasters commenting on the cars abandoned at Pensacola Beach ahead of the storm before they lost their remote tv signal from the island.
You can not legally sell or even junk a car with a lien on it.
When someone buys a car and fails to finish paying off the car loan, can't they force the lender to accept the car as partial payment of the remainder? How is this different?
You could abandon it in a back alley somewhere. I once owned a beater 1989 Hyundai Excel - first year, base model, one step above a Yugo. Traded it in to a major local new/used dealer...five years later I get a notice of abandoned vehicle from Dearborn Police, something like 14 days to retrieve or abandon car. Apparently someone else bought it and eventually abandoned it in an alley.
There are places here who will haul away a junk car and don't care about title{s}.
COntact one of them. They may even give you a couple hundred for the car, with no title. a junk car or one only worth scrap has no value really, and a title is of little concern. Your cheapy Dodge sounds like one, especially since it is what over 10 years old?
The other option is to sell the car, and offer the bank whatever you get for the car to release the lien,but ask first.
ANy bank who will subject a $500 to a $15k lien KNOWS it won't ever get that out of it.
ALso, I would contact an attorney for a free consult and ask if they can do that, they may not legally be able to transfer a strong title to a weak asset in order to recover the strong asset. They CAN attach physical land/house/building property if you own any, but not sure they can transfer to the other car, I COULD be wrong, so I suggest contacting an attorney..
ALSO, MORE/MOST importantly:::::: YOu need to find out something. If a car was bought for $20,000, and was repo'd when there was a balance of $15k on it, and was sold at auction for $10k, then you would only be "responsible" for the $5k difference, THEY MUST try to mitigate "damages" by recouping what the can out of the asset at a "reasonable market rate", usually through auction for what the wholesale market will bring {can't sell a $12k car for $500 to Joe Blow and claim you still owe $11,500}> IF the balance on your sports car was $15k, and they transferred the whole balance due of $15k in a lien to the DOdge, then they didn't do due diligence to mitigate the damages, and cannot claim you owe the whole $15k. Ask for an accounting of the mitigation attempt form the bank to prove you actually owe the $15k.
LASTLY: {I believe}any car over 10 years old { I think that's the age} in my state, doesn't HAVE to have a title to scrap, as a 10 year old car is considered scrap anyway .It is considered to no longer have any value, unless it is an antique or classic auto {15yrs to be a classic, 20 or 25 years old considered an antique}
SO DO some DUE diligence on YOUR part to find out the applicable laws in your state.
BEst of luck for you.....
{oh PS: don't just abandon it somewhere they will check the VIN number and find you and can fine you for the hauling away, impounding fees......}
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