Car is nowhere near worth what I owed on it, with my financial situation, it wouldn’t make sense for me to pay it back somehow. Debating on selling it for parts or getting it running again (it’s been sitting since 2019) thoughts or advice? Thanks
Out of state bank charged off my car loan in 2019, never repossessed it. What can I do?
AutoFirst thing you need to do is run a title check and see who it is titled to. It's doubtful if they didn't take possession, but sometimes they still file the repo paperwork and the title will be in their name.
Assuming you still own it outright, then they did just charge it off, so your credit took a hit but they decided it wasn't worth the trouble to take possession. So you own the car, do as you please with it.
So you own the car, do as you please with it.
No, they don't. The bank still owns it, which prevents you from selling it. Other than that, you're home free.
Do you think they would still repossess? It’s just been sitting in my yard for years and it’s become an eyesore so I’m trying to figure out if it would be worth it to get it running or would It just be getting towed while I’m at work or something lol
Do you think they would still repossess?
Nah, nothing has changed as far as affecting whether or not it's worth going to the trouble of repossessing it. If anything, used car prices are dropping, which is in your favor.
You can't sell it if you don't have a clear title, but you can keep driving it, or sell it for parts. When you do so, they're, wink-wink, not buying the car, just almost all of the parts from it, which is why you can do so without a clear title.
Yeah that’s what I was thinking but I just needed a little reassurance before I put some money into it. Thanks man I appreciate it!
Just FYI people keep telling you to check who's name the title is in...it is not as simple as that in all states. Sometimes they will hold the title but more often than not they are just filed as a lien-holder. The title is in your name but you cannot transfer it without a letter releasing the lien.