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hhhmmm....and what do I do exactly?

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Tdatb64
Frequent Contributor

Re: hhhmmm....and what do I do exactly?

If you're "storing" the vehicle on your property and the estate has defaulted on the loan you should present the bank with a bill for said storage and a weekly/monthly storage fee going forward (make it a high one) and threaten to put a "mechanic's lien" or "storage lien" on the vehicle if they don't retrieve it and pay the accrued storage fees. That should net you a quick tow truck visit and, perhaps, even a check.

Message 11 of 18
IOBA
Senior Contributor

Re: hhhmmm....and what do I do exactly?

II appreciate the replies.

 

Just called the trustees office & left a message with a live person.  So we shall see....  Smiley Happy

Message 12 of 18
mike-fico
Valued Member

Re: hhhmmm....and what do I do exactly?

My WAG is the only relief you have a chance of getting is working with the Court system.  But in the end you may be stuck with just dealing with it.  You can document your costs and go set a claim against the Estate and hope you get paid along with anyone else making the claim.

 

The title should have the loss payee on it and that's who you can contact to see if they have interest in recovering the vehicle.  Otherwise, they should provide a lien waiver, which with a signed-off title by the Estate gives you ownership of the vehicle.

 

Message 13 of 18
Gladius
Frequent Contributor

Re: hhhmmm....and what do I do exactly?

If you aren't a relative and your name is not on the loan, just go dump it somewhere and claim "you don't know what happened to it, not my problem".  Or just pay the $400 to have it towed to the bank parking lot and call it a day.

Message 14 of 18
disdreamin
Valued Contributor

Re: hhhmmm....and what do I do exactly?

OP, I cannot see any circumstances under which you'd end up owning this vehicle outright

 

At this point, I'd be looking into the legality of billing the estate for monthly storage. That might provide incentive for them to have someone collect the vehicle. If not, eventually you might be able to place a lein on the vehicle and have it auctioned to collect what is owed to you and other creditors. I think all of this varies by state, so look into it for where you live.

Message 15 of 18
IOBA
Senior Contributor

Re: hhhmmm....and what do I do exactly?

There may be a back door that opened up on how to do this...I am waiting to hear more.  My costs would be about $500 and then the repair costs for the vehicle (it's been sitting for several years, has mice living it in, needs to be towed, new tires, new brakes, new filters, oil change...and who knows what else?)

 

If this doesn't work out, then I will have it towed.

 

The bank lien holder is not local.  I think the nearest branch is several hundred miles away.  

Message 16 of 18
Brucemac
Established Member

Re: hhhmmm....and what do I do exactly?

For me it would be worth the $400 to get rid of it and all this stress you're going through. Not your circus, not your monkeys. Tow it wherever and be done with it. You've done your due diligience and more than most people would have done.  Good luck.

Message 17 of 18
sccredit
Valued Contributor

Re: hhhmmm....and what do I do exactly?

Just file  storage lien on it, you will have to notify the lienholder as part of that process. If it is worth anything the lienholder will pay to have it returned. If it is not you can sell the car via a lien sale and the buyer gets the title. At leastthat is how it works in CA, look into your states lien sale laws.

Message 18 of 18
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