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by Anonymous on September 2nd, 2006

Anonymous

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If I have a loan from a bank and they never placed a lien on the title from NY state, can that vehicle be sold? And what can the bank do to me about this?

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Answers. 2 helpful answers below.

  • by Anonymous on September 3rd, 2006

    Anonymous

    Believe me, somewhere that bank has the paperwork, where they are the first lienholder on your automobile. selling a liened vehicle is a felony violation, it all states.

    The lien information should be on the title to the car. it should state you as the owner and your bank as the lienholder. if its not on the title, that makes no difference. its the contract you signed that will be used in court, if you sell this vehicle, if it is not paid in full.

    The bank will protect its investment. if you sell the liened vehicle, the bank will do whatever is necesarry to protect its interest.

    The only way to be sure is 1. read your contract agreement 2. call your bank and inquire 3. contact your local dmv. they can advise you also, of he listed lien(s).

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  • by tjatherton on September 2nd, 2006

    tjatherton

    Did they not put a lien on the title, or did DMV just forget to type it on the title?? You still have a contract with the bank and all laws that regulate sale of collateral still apply.

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