Vehicle title loan on fully secured vehicle--Ch. 13
Posted: Fri Dec 11, 2015 7:08 pm
Mark:
Auto loan is perfected by filing the lien with the dmv. If the loan does not show up in the lienholder section of the title, then Speedy Cash did not perfect. You don't give a timeline, so no telling if Speedy Cash got the lien to the dmv before the case was filed. You will have to check with the dmv.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Dec 11, 2015, at 12:46 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] wrote:
>
> If anyone on here has experience with vehicle title loans, please contact me off list at mark@bklaw.com
>
> I have what seems to me to be a very strange set of facts.
>
> Client of mine has a vehicle that is worth less than is owed to the purchase money lender. Yet somehow she was able to get a title loan from "SpeedyCash" for another $3,500 or so.
>
> I can't imagine this is valid, but I don't know what the requirements are for perfecting a title loan lien (say that fast 10 times).
>
> I'm filing a Chapter 13 for her and need to decide whether I need to go through the steps of avoiding the lien (via 506 motion or complaint if I'm lucky enough to get VZ) or if I can simply object to the claim on the basis that there is no lien because it was not properly perfected or something along those lines.
>
> Thanks....
> --
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> Mailing Address Only:
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
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Auto loan is perfected by filing the lien with the dmv. If the loan does not show up in the lienholder section of the title, then Speedy Cash did not perfect. You don't give a timeline, so no telling if Speedy Cash got the lien to the dmv before the case was filed. You will have to check with the dmv.dDennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voiceOn Dec 11, 2015, at 12:46 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
If anyone on here has experience with vehicle title loans, please
contact me off list at mark@bklaw.com
I have what seems to me to be a very strange set of facts.
Client of mine has a vehicle that is worth less than is owed to the
purchase money lender. Yet somehow she was able to get a title loan
from "SpeedyCash" for another $3,500 or so.
I can't imagine this is valid, but I don't know what the
requirements are for perfecting a title loan lien (say that fast 10
times).
I'm filing a Chapter 13 for her and need to decide whether I need to
go through the steps of avoiding the lien (via 506 motion or
complaint if I'm lucky enough to get VZ) or if I can simply object
to the claim on the basis that there is no lien because it was not
properly perfected or something along those lines.
Thanks....
--
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
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