Tuesday, November 4, 2014

How soon can a repossessed car be sold by lien holder in New York?

How soon can a repossessed car be sold by lien holder in New York?
A "Repossessed" car is one, I would consider, to belong to the legal "LIEN HOLDER" typically a financial institution. Legally speaking they are the rightful OWNER of the vehicle until the day it is paid off, or LIEN is SATISFIED- so after successful repossession occurs, I can imagine the goal is to sell the vehicle ASAP to recoup financial interest. However, a title must be requested from the NYS DMV which is currently 4-6 weeks from delivery. Vehicle could not be sold without a proper transfer of "ownership".
Garageman's or Mechanic's Liens takes a minimum of 30 days to notify the owner via certified with a return receipt and 2 publication ads to be run. Proof of contract (contesting the contract has been broken) must be provided and all proof of actions be supported. Entire process takes 6-8 weeks MINIMUM.
Sheriff or Marshal's may sell cars 30days after car has been Towed/ Impounded, they produce their own ownership documents (Marshal's Papers).

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