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Can a finance company keep my car title if the car place never payed them off?
Anonymous3 views3 answers
i was rear ended by a drunk driver, and my car was totaled. in order for me to get the insurance check, i need the title. I never received my title and the finance company is refusing to give me the title because the place i bought the car went bankrupt and never gave them the money. now, the finance guy has my title and is telling me he wont give me the title unless i split the money with him
teven ZalewskiChapter 7 Bankruptcy AttorneyKew Gardens, NY ·
You need to contact the state attorney generals office . First of all, when you buy a car on finance, the finance company pays the car dealer, so the finance company would have a lien the title until it is paid off. so even if the car is destroyed you still have to pay off the lien. If that is what he is asking for then he is entitle to it. if the lien is paid then he is committing a crime. You can also contact NYS DMV they have their own enforcement division
James Lawrence MagazineCar / Auto Accident LawyerNew Port Richey, FL ·
It sounds as if you are being extorted for the title. The finance company has the title until the balance is paid off. Either contact someone higher up in the chain of command with the financing company or contact your state.
Jim Magazine
www.lgmlawgroup.com
Gregory Scott GennarelliPersonal Injury LawyerMineola, NY ·
You really haven't provided enough information to get an accurate answer to your question. In New York, there are two types of owners, a registered owner (you) and a title owner. The title owner could be you or, in the event of a lease, it could be the finance company. Assuming you are the title owner, the finance company likely holds a security interest in the title and you may have agreed to permit them to hold the title as collateral on the loan until the loan was paid off. If so, in the event of a total loss where there is still an outstanding balance on the amount borrowed, the lender could then seek repayment from you via the insurance proceeds as they are likely also listed on your insurance as a Lessor or Loss Payee. You, and an attorney, should review your finance agreement as you may have agreed to permit the finance company to hold the title as collateral until the loan is fully paid off. You should also review your insurance policy to see if the lender is named as a loss payee. It sounds like that may be the case here, though you haven't provided enough information. I am not sure what you mean when you say that the place you bought the car from went bankrupt and never gave the finance company the money. In any event, I suggest you speak with an attorney who may be able to expedite a quicker and more favorable resolution.
