Legal Question in Credit and Debt Law in District of Columbia
If I retain custody of a vehicle through a repossession effort and the 7 year period pf credit reporting passes what then happens about the ownership of the vehicle can I get the title or can they still repossess it after this period ends.
Asked on 6/01/11, 9:16 am
1 Answer from Attorneys
Torrance Colvin
The Colvin Law Firm
No, you cannot just "get the title." There is no statute of limitations that will allow you to obtain ownership rights to concealed property.
The lien holder maintains title until the lien is satisfied or until they sell it (at which point you would receive the title). You can attempt to settle the lien for a discount to obtain title but, if you do so, the lien holder may legally be able to restart the 7 year reporting of the initial debt.
Answered on 6/07/11, 5:22 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
