Auto finance alert: NJ garages

Are you losing money to garage keeper liens in New Jersey? (You should not be) The law in New Jersey is that lien rights in vehicles are determined on a first in time basis. This means that a garage keeper lien will be valid against an auto finance lien only if the garage keeper lienمتابعة قراءة “Auto finance alert: NJ garages”

A must read for leasing companies

Important new case means better protection for you Does the idea that someone could transfer your car to someone else without your consent seem wrong. For years, that is exactly what lessees have been doing to secure payment for garage repairs; they allow the garage to put a lien on the vehicle, without the knowledgeمتابعة قراءة “A must read for leasing companies”

Repossession Risks

Interlocks and impounds: understanding the risks Suppose a finance or lease customer calls and advises you that his car has been impounded by police in New York as the result of a charge of Driving While Under the Influence (DUI). The customer states that he can get the car back if you allow him toمتابعة قراءة “Repossession Risks”

Beware of fraud resulting from lien release law

NY’s new dealer lien release law exposes lienholders to title fraud On June 17, 2013, NY Vehicle and Traffic Law Section 2121(b) goes into effect. This new law will enable dealers to release vehicle liens without lienholder consent. The law is intended to enable dealers to quickly resell vehicles that come in on trade. (Theمتابعة قراءة “Beware of fraud resulting from lien release law”

Two Tricky Repo Issues

Does NY law prohibit repossession on weekends? New York Vehicle and Traffic Law (V&T) 425 requires that the repossessing creditor send a notice of repossession to the DMV and the vehicle owner within 24 hours of repossession. DMV offices are closed on Saturdays and Sundays. The most conservative creditor could resolve the problem by notمتابعة قراءة “Two Tricky Repo Issues”

Combating Title Washing, Understanding the BFP Defense

Title washing means the removal of a lien by fraud. Often, by the time the fraud is discovered, the car has been resold to a buyer who claims to be a “BFP”. BFP means bonafide purchaser. A buyer can only be a BFP if he had no knowledge that the lien was removed by fraud.متابعة قراءة “Combating Title Washing, Understanding the BFP Defense”

Warning: Do not obtain “Repo Titles” on vehicles that are impounded

Several reliable sources indicate that The New York State Department of Motor Vehicles (“DMV”) may be beginning an investigation of lienholders who are applying for “repo” titles in situations where the lienholder does not actually possess the vehicle. The DMV is focused on lienholders who have been using “repo” titles in order to recover vehiclesمتابعة قراءة “Warning: Do not obtain “Repo Titles” on vehicles that are impounded”

Lienholders and NYC parking tickets

New York City has a parking enforcement unit that authorizes the Sheriff or City Marshal to seize vehicles for unpaid parking tickets. The unpaid parking tickets are treated as a money judgment against the vehicle owner. Under Article 52 of the CPLR, the City is entitled to enforce the judgment by selling the vehicle. Followingمتابعة قراءة “Lienholders and NYC parking tickets”