What todo if a finance company states that it can reposess my vehicle even though it sent me title with a lien release and the contract stamped “paid in full”?
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What todo if a finance company states that it can reposess my vehicle even though it sent me title with a lien release and the contract stamped “paid in full”?
I had a loan for an automobile. About 3 months go, the lienholder sent me the title to the vehicle with the lien release signed; it also sent me the original finance contract stamped “paid in full”. Now they now say that I still owe them $2,900 and if I don’t pay they will reposess the car? Can they do that?
Asked on May 31, 2012 under Bankruptcy Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It sounds from what you have written that the lender may have improperly released registered title to you as to the car along with a full lien release. If you believe to the contrary, you are in good shape because you have title in your name and a full lien release.
Given this fact it does not appear under the law that the lender is legally entitled to reposess your car whose loan on it is paid in full. If that happens, you would have legal recourse against the person or company that repossesses the vehicle.
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