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gardengong

Dealership sold me a car with no title. Financed by lender. Dealership went out of business after sale.

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I bought a car from a dealership that immediately after the sale, closed shop and left town.  I had a 12% loan from a credit union in Vermont.  After one year of making payments dutifully I wanted to refinance at a lower rate of interest.  Credit union would not refinance due to no title on the car.  I went to bank to refinance, my credit score had climbed a hundred points in one year.  Bank will not make a loan for a car with no title.  I have stopped making payments  Can credit union repossess my car without having the title?

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1 hour ago, gardengong said:

 I have stopped making payments  Can credit union repossess my car without having the title?

 

Yes.

 

The lender will be able to get title because there are statutes that allow the lender to get title after repossessing a vehicle even if you didn't have one.

 

You made a bad move.

 

I suggest you bring your payments up to date and look into posting a bond with the DMV so you can get title.

 

Here's the bond statute, DMV instructions, bond form.

 

http://law.justia.com/codes/vermont/2015/title-23/chapter-21/section-2020/

 

http://dmv.vermont.gov/sites/dmv/files/pdf/DMV-VT020a-Title_Bond_Instructions.pdf

 

http://dmv.vermont.gov/sites/dmv/files/pdf/DMV-VT020-Vehicle_Vessel_Title_Bond.pdf

 

 

 

 

 

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