Car repossesion and lien on property?

Question

can a company put a lien on your property if they repo your car? even if the property is in another state?

Answer 1

yes.

Answer 2

You'd have to check with the State yor living in, it varies as far as the laws and such. For the most part Your property is an asset and thats why they are trying to put a lien on it-to get you to pay for it.

In my state you cannot do that. The only asset in regards to the loan is the car itself. The loan Companies have to auction off your car and apply that amount to your unpaid balance as well. Then you are responsible for the remaining amount plus any other costs incurred (repo fee. tow fee. auction fee. atty fees. and court costs all apply) Usually the person the car was repo'd from will be garnished for the remaining amount.

So....check with your state, but i do not think they can put a lien on your property.

Answer 3

Yupper, they sure can

Answer 4

lose40k is right.  It does depend on the state.  in the State of California you cannot lien other property.  An auto loan is a secured loan, secured by the vehicle itself.  The vehicle is the "collateral".  Therefore upon default of the loan the vehicle collateral is collected, hence a repossession.

Answer 5

If the property was listed as collateral for the loan, YES