|New to LegalMatch Forums? Join our community today|
|Find a Lawyer Now By Category:|
|Family & Divorce||Criminal Defense||Job & Employment||Personal Injury||LegalMatch on Facebook|
|Real Estate Lawyers||Immigration||Business Lawyers||Other Lawyers||LegalMatch on Twitter|
|LegalMatch is Fast, Free and Confidential|
||LinkBack||Thread Tools||Display Modes|
|05-15-2014, 08:40 AM||#1 (permalink)|
Join Date: May 2014
Can Car Lienholder Collect Last Payment Owed from 19 Years Ago
Hello, I wonder if you could kindly help me. I live in California.
I bought a 1989 Nissan pickup truck in 1990. Since my credit was bad, I was charged 14 percent interest by Toyota Motor Credit. My payments back then were $328 per month.
In May 1995, I had made all the payments except the last one. Since Toyota Motor Credit did not bother me for the last payment, I never made the last payment.
I now want to sell the car but I noticed on the registration that Toyota Motor Credit is still listed as the lienholder.
I believe the Blue Book price of the car is only $300. (It has over 230,000 miles on it). I have found someone who is willing to buy the car for $300, and I desperately want to sell the vehicle since it is costing me a fortune in repairs.
I've never sold a car before so I'm not familiar with how the sales transaction is supposed to take place in order to legally sell the vehicle.
I have a number of questions.
(1) Will Toyota Motor Credit ask for the last payment I owed back in May 1995 before they release the lien and enable me to sell the car?
(2) Isn't there a Statute of Limitations or something similar to that in California that could possibly prevent Toyota Motor Credit from being able to charge and collect the $328?
(3) If Toyota Motor Credit can collect the payment, can they also charge interest and penalties for the last 19 years?
(4) What document(s) do I have to get from Toyota Motor Credit in order to show that the lien has been released?
(5) I don't have the pink slip for the car. (I don't think I ever had the pink slip). Can I sell the car without the pink slip?
(6) What document(s) do I have to give to or receive from the seller in order to transfer title to the vehicle.
If you could kindly help me, I would deeply appreciate it.
Thank you very muchfor your time, attention and kind assistance.
|08-01-2014, 10:51 AM||#2 (permalink)|
Join Date: Jul 2014
1. The lien holder may have the right to collect outstanding payments owing to it prior to the sale of the car with the lien on it. To be sure of the lien holder's right to collect payments on a car that is now twenty-five years old, you should speak with an consume debt attorney. A link can be found here http://www.legalmatch.com/law-librar...t-lawyers.html
2. Possibly. Though in the case that there is not, you may try negotiating with the TMC since the amount owed on the car is more than you can sell the car for. You might But since the repair costs are piling up it may be worth it to agree to terms such as "the sale of the 1990 toyota pick up at FMV or 300 dollars satisfies any outstanding debt payable to the TMC" It is always advisable to speak with an attorney first.
3. Possibly, unless the statue of limitation applies. Late penalties would make it more important to try to reach a settlement to save you money.
4. You would seem to need the car's pink slip. This would seem to be an indirect piece of documentary evidence that the lien has been released. However, it is helpful to contact an attorney for certainty regarding what constitutes a release of a lien by a lien holder in your situation given that more than twenty years have past.
5. In California, the DMV requires the purchaser to obtain the pink slip from the owner of the car. Unless you can obtain the pink slip you will most likely not be able to sell your pick up. However, speaking to an attorney may verify whether this applies given that some exceptions may apply allowing he paperless conveyance of cars in California.
6. The pink slip, but since you do not have it, it is advisable to speak with possibly a business attorney who can determine the exact documents you will need.