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Took Chapter 7 on car. Loan co. won't come get it. I got title from BMV. Can I legally sell the car?
Anonymous10 views1 answers
I used a vehicle as collateral for a loan. It is a 1999 Taurus with 120,000 miles. It has been six months since my bankruptcy was discharged so I called the local loan co. and they said that they would have nothing to do with it, it was up to the out of state office where I sent the payments to get the car. I called there and was told they were not going to get it, didn't want to pay towing charge. The car runs fine. I took my discharge papers to the BMV and showed them where it stated the car had been included in the bankruptcy. The BMV gave me the title. Can I now legally sell the car? The loan company tried to tell me I still owed the lien. I know I don't but would I if I sold the car or do I have to let it rot in my yard?
Thank You,
J. Shrock
Lucas Eric Rowe
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Posted
on Feb 19, 2009
If in fact your loan was discharged in the bankruptcy, then you do NOT owe on the loan (or the "lien" as the company called it). The loan company should come get the car, but if they don't, that doesn't mean you can sell it. They have the lawful claim to the property. But you're in a pickle because they won't come get it.
If it was me, I would drive the car to the local office, drop off the keys and sign over the deed and drop it off as well. Who cares if they "don't want anything to do with." They wanted the collateral and probably tried very hard to collect on the loan before you went bankrupt, so now they have to deal with the car. If you still want the car, you might want to try and offer them some small sum to purchase the car for full satisfaction, or ask them to give you a release of the lien. If they release the lien, then you own the car outright and you are free from the loan.
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