Can You Scrap A Car With A Title Loan
Camila Farah
No you have not stolen the car you have sold it.
No matter what the condition of the car is the car cannot be scrapped with a title loan. Go to the loan co. It is your obligation to pay that loan. Even if you were able to scrap it you would still owe.
The only condition in which a car can be scrapped is that if the borrower gets the amount which they need to give back to the lenders. A junkyard will want the title which you cannot provide. You cannot legally junk a car unless you have complete permission and the title of ownership. However you ll generally have to notify the lender beforehand and may have to obtain written consent depending on the law in your state.
Ok let us face this and i want you to know that i am being respectful to you. The answer is yes but you have to make sure the car title loan is paid off before you will be able to transfer the title to the new owner. You cannot legally sell a vehicle unless you have full permission and ownership of the property. Pay the sum if you want get the full title and junk the car.
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There is no option for a car to be scrapped with a title loan. Find out the amount you owe the bank and if perhaps they would agree to a smaller amount because the car stops working. In fact pay the balance if you can to clear the issue and avoid interest. The lien is there because you owe someone money and the car is collateral.
October 19 2019 by tom harbid in theory removing a car lien from your title is straightforward. You re allowed to sell your car with a title loan as you retain ownership of the vehicle. Keep paying if you can. Step 2 find out how much you owe them and whether they would accept a lesser amount since the car no longer operates.
Selling a car with a title loan on it. Even if someone did buy it you wont get enough to pay off the balance of the loan. It s not a simple process but you can sell a car with a title loan still on it. The borrower does not have the freedom to make his own choice.
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In some cases you may be able to just take your car to a scrap yard and they will scrap your car even if you don t have a title but this is rare. Bank and tell them that you want to sell the car and you will find a buyer and bring that buyer to the bank to do the paperwork. No do not junk the car. This doesn t happen very often because most states have certain procedures that must be followed by individuals attempting to sell their old car as scrap metal.
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