I lost my job a year ago and can’t afford a large car payment. Strangely, a few years ago, I received the pink slip in the mail for the car, showing no leinholder on title. I still owe 9k on the car, but with the 20% interest rate have paid substantially on this vehicle over the years.
Can the finance company reposess my car if they are not on title as a leinholder? Just wondering if possession is nine tenths of the law in this situation.
The issue here is that you can’t benefit from ill gotten gains. I’m not sure if the lender can reposes your car but they could sure sue you if you fail to pay the loan. They may also attempt to place the lien back against the vehicle once they realize their mistake.
There really isn’t any advantage her for you to try to be crafty or sneaky. it is obviously a mistake.