My question involves collection proceedings in the State of: NY
I am trying to find out if this is legal lien and if my parents would have a secured loan attached to my vehicle.
I have a large unsecured debt and it is with a collection agency now. There has been no judgement yet and I have not been sued yet, but I will be sued soon. The unsecured debt has nothing to do with the vehicle.
Since I do not have any money I had a parent put a lien on my vehicle in his name. I am in school right now and will not finish until next year.
The agreement is that I will owe him fair market value for the rent ($20,000 for a year) and will pay him back this amount next year when I start working. The agreement states that he will be able to take or sell my car if I do not pay this rent. Basically, he is letting me live in the apartment for a year with a loan for $20,000, that will be secured by placing a lien on my vehicle.
The apartment I am living at is a separate attached legal apartment at my parents house, with a fair market value of probably more than $20,000 a year in my city.
Assume the fair market value of the car is $20,000 and the rent for the year be $20,000.
My questions are:
1) Is this a legal lien? In that my parents will have a secured claim of $20,000 from the vehicle before the unsecured creditor gets paid if the car is sold.
2) Will the creditor be able to seize my vehicle with this lien on it?
3) Is the creditor likely to seize my vehicle with a lien on it from my parent for rent? Assuming the fair market value of the car is 20K and the money I owe my parents is 20K.
4) Does this agreement have to be in writing, or is a verbal agreement enough? I know written is always better, I am wondering if verbal will be enough though.
5) Assume when I get sued I have been living 6 months in the apartment or $10,000 of back rent owed to parent, but I am still living in the apartment and expect to stay there for 6 more months until I finish school, will the lien still be valid for the 6 more months? Will the creditor be able to seize the vehicle at 6 months even though the lien on it was for 12 months rent, and my parents would only get $10,000 for the 6 months I lived there?
6) Do you see any legal issues with my parents placing a lien on my vehicle for rent that I plan on paying back next year? Are there any related party issues here? The rental easily has a fair market value that is more than I am paying.
Thank you,
I am trying to find out if this is legal lien and if my parents would have a secured loan attached to my vehicle.
I have a large unsecured debt and it is with a collection agency now. There has been no judgement yet and I have not been sued yet, but I will be sued soon. The unsecured debt has nothing to do with the vehicle.
Since I do not have any money I had a parent put a lien on my vehicle in his name. I am in school right now and will not finish until next year.
The agreement is that I will owe him fair market value for the rent ($20,000 for a year) and will pay him back this amount next year when I start working. The agreement states that he will be able to take or sell my car if I do not pay this rent. Basically, he is letting me live in the apartment for a year with a loan for $20,000, that will be secured by placing a lien on my vehicle.
The apartment I am living at is a separate attached legal apartment at my parents house, with a fair market value of probably more than $20,000 a year in my city.
Assume the fair market value of the car is $20,000 and the rent for the year be $20,000.
My questions are:
1) Is this a legal lien? In that my parents will have a secured claim of $20,000 from the vehicle before the unsecured creditor gets paid if the car is sold.
2) Will the creditor be able to seize my vehicle with this lien on it?
3) Is the creditor likely to seize my vehicle with a lien on it from my parent for rent? Assuming the fair market value of the car is 20K and the money I owe my parents is 20K.
4) Does this agreement have to be in writing, or is a verbal agreement enough? I know written is always better, I am wondering if verbal will be enough though.
5) Assume when I get sued I have been living 6 months in the apartment or $10,000 of back rent owed to parent, but I am still living in the apartment and expect to stay there for 6 more months until I finish school, will the lien still be valid for the 6 more months? Will the creditor be able to seize the vehicle at 6 months even though the lien on it was for 12 months rent, and my parents would only get $10,000 for the 6 months I lived there?
6) Do you see any legal issues with my parents placing a lien on my vehicle for rent that I plan on paying back next year? Are there any related party issues here? The rental easily has a fair market value that is more than I am paying.
Thank you,
Collection Lawsuits: Lien on Car from Parent for Rent Payment
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