They don't require signed statements in Mass? Here, I sign every time for any amount.
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They don't require signed statements in Mass? Here, I sign every time for any amount.
People may laugh at me, but that's ok. I laugh all the way to the bank.
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With the yard I deal with for the vehicles,
I don't have to sign anything
Just did 2 today >> Price is down to $170.00 a ton and I have been told don't be surprised if it reaches $150.00 in August
Older then 10 years old, i don't even need a title
I fill out a small piece of paper with the VIN so they can enter into the data base at the end of the day
Wow sounds like a pain in the ass in other states. Here's something California actually has that's easier. I get vehicles all the time that have a lienholder listed. Sometimes the lien is paid off but the owner failed to go to dmv and remove the lien from the vehicle's record. As long as they have the title that the bank gave them I'm golden. But usually people lose the title so instead of dealing with banks and notaries and lien releases it's just easier to attach my own lien to the vehicle.
There's companies out here that you send the vin and license plate info to and they do the lien for you through the DMV. It takes 15 days if it's a junk vehicle that is getting scrapped, or 30 days if you want to have the option of reselling the vehicle to a private party. You also specify what day you received the vehicle and how much your towing and/or storage charges are per day. As long as no one objects (never happened in 4 years I've been doing this because no one wants to pay the storage fees among other reasons), then after the time passes, your lien supersedes the old lien and the vehicle becomes yours to do whatever with.
There's other reasons to do a lien sale on a vehicle as well. Some examples include vehicles with no titles or registrations indicating the previous owner, or there's been so many transfers that some names in the paper trail are missing from the paperwork present. Out here there's titles on every vehicle no matter what year they are.
Anyway, I've had a bank call me once or twice during the lien process but they've never came for the vehicle. I think it was just to gather information to write the vehicle off as a loss.
Metal Recycling Entrepreneur
Hi JohnOriginally Posted by JohnC4X4
I guess I will have to start heading down Your way with any junk cars . I usually just go to Millis , and recently took my wife's aunt's car over there , a 1992 ford , when they discovered that I didn't have the title with me , they were ready to have it towed off the property .( it's Not like they don't know me , I have known the manager since the 1960's and helped him with his race car at Norwood arena )
She was able to find the title after 20 + years , and I brought it to them .
Bob
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In California, the lien holder will come after you. I have a good friend that owns a tow company and has contracts with the local sheriff and highway patrol. He's called out to tow cars when the person is pulled over for drunk driving, or gets pulled over and doesn't have insurance or a license, and he tows their car back to his tow yard. The first thing he does is put a lien on the car for the towing costs.
This is how he makes his money, when the person comes to pick up the car, they have to pay for the tow, and storage. Under California law, the owner of the car has to pick the car up, they have to have a current license and insurance, if they do not they cannot get the car. Sometimes it takes the owner longer to get their license and insurance together than the time the lien becomes legal. In that case, the car becomes the tow companies legal property. Many many times their is money owed on the vehicle and a bank holds the paper on the car or is the legal lien holder. However, the two company can still file a lien on the car, and my friend does so. If the bank wants the car back, they have to pay the two fee, and the storage fee so he still gets payed if they decide to pick the car up, but here is the disconnect. Banks are really only concerned about cars that have delinquent payments, the ones where the car payments are not over three months delinquent, they don't pay attention to. If the car is not delinquent, when the bank receives the lien papers on the car, they just contact the person who holds the loan and the registration papers on the car, at most, and many times don't even do that. Because you have this three month period of time, the two company has a very good chance to legally become the owner of the car because in California it only takes 60 days for the lien to go into affect.
So no matter what, the tow company makes their money.
I am sure most states have laws in place that will be similar. It seems you could use these laws to legally place a lien on a vehicle and gain ownership.
Scott
At the heart of science is an essential balance between two seemingly contradictory attitudes--an openness to new ideas, no matter how bizarre or counterintuitive they may be, and the most ruthless skeptical scrutiny of all ideas, old and new. This is how deep truths are winnowed from deep nonsense. -- Carl Sagan
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