My car was charged off by my finance company. It no longer runs and I need to get rid of it. How do I do this?

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3 Responses to “My car was charged off by my finance company. It no longer runs and I need to get rid of it. How do I do this?”

1. mccoyblues on: 28 September 2009 at 7:01 pm

   Ford still owns the car so you can’t do anything with it until you satisfy (pay off) the lien. You can’t sell it or junk it without the title. You can’t get the title without paying off the lien.

   All of these methods used by the lender do the same thing. You will never be off the hook for paying back what you owe. No matter if it’s a repo or a lien, you still owe the bank, you always will. That never goes away.

   So you live with a dead car in your yard. The lien will prevent you from getting another loan. It’s just like a repo but it’s cheaper to process for Ford and it freezes your credit so it prevents you from getting rid of the car or replacing it.

   You need to pay off the lien or fix the dead car and keep driving it. Or you can go pay cash for a cheap car and avoid the mark the lien will place on your credit report.
2. ElGrande on: 28 September 2009 at 7:01 pm

   Pay off the lien first so that you can get a clear title. Then, sell it privately or junk it.

   If you try to sell it with a lien on it, it won’t happen.

   *EDIT* – If you don’t have the money, you can’t satisfy the lien. You could "sell" the car to someone or a junkyard, but they cannot register the vehicle and therefore cannot take possession of it. I wouldn’t try it.
3. duck4th on: 28 September 2009 at 7:01 pm

   there is away take it to a repair shop and dont go back or tell them to keep it .they can place a mech. lien on it and in thirty day it belongs to them if ford wants the car they will come after it or not *****