We purchased a used vehicle in March 2011. In December 2012 the loan company delivered to us the title signed and dated releasing interest in the vehicle. Following instructions on the title, we submitted the title to DMV and a new title with no lienholder was issued to us. Now the loan company is threatening to repossess the vehicle. Can they repossess the vehicle after having released interest in the vehicle?
If the "release" was in error, yes. Otherwise, no.
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Lemon Law Attorney
To repossess a vehicle the lien holder must have a perfected security interest in the vehicle and have that filed. Further, there must be a contract in place and a default under the contract. None of this exists in your fact pattern. Now, that threat to repo, that's a violation of the Rosenthal Fair Debt Collection Act and worth up to $1,000.00 to you if it is provably (hopefully in writing) and they have to pay your atty too.
For more info or direction, contact my office.
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