I found a very cheap car...but I'm confused

[kmart64]

So i find this car, but the owner says four years ago the bank charged the car off, so he can't get a title for it to sell the car. However, he can still sell it as a parts car. He also says he can get tags and insurance for the car. What I'm confused about is, is this possible? Like he can still drive the car, even though it does not have a title?

[cp[mike]]

no title = no insurance = no registration = no plates = no driving

but the car may already be in his name, which means he could get plates and whatnot for it, but he doesnt have a fresh title to sign over to you. and he cant get one because its been charged off

[kmart64]

how does a car get charged off? I'm also confused about what this term means, because how can a bank do this?

[NAiL05]

You can go to DMV and get another title for the car. You just have to pay some fees.

[kmart64]

You can go to DMV and get another title for the car. You just have to pay some fees.

you can do that? I thought since its been charged off that would not be able to happen? Anyways, is there even a way to get a title somehow? suggestions?

[deevergote]

I've never heard the term "charged off" either... Find out what he means by that, and maybe it'll give you a clue as to what has to be done!

Honestly, to me, it sounds shady.

[cp[mike]]

if a car loan is charged off, its been defaulted and sent to collections... but usually at that point the bank would have repoed the car. why he still has the car im not sure. if he had the original title, it wouldve had the bank listed as a leinholder, aka owner of the car if its been defaulted on... perhaps thats why he "doesnt have the title" ? but its over 10 years old and in ny, its pretty easy to register a car even if it has a leinholder listed. i wonder if ohio's DMV can actually verify if the bank still claims ownership of the car?


it sounds really shady to me too, you might not wanna get involved... theres plenty of people selling legit CBs for cheap...

[kmart64]

I've never heard the term "charged off" either... Find out what he means by that, and maybe it'll give you a clue as to what has to be done!

Honestly, to me, it sounds shady.

well supposedly the car was charged off 4 years ago, and when the guy called for to see if the bank would take it back, they said no because it would not be worth it, so they will just leave it

[cp[mike]]

well supposedly the car was charged off 4 years ago, and when the guy called for to see if the bank would take it back, they said no because it would not be worth it, so they will just leave it

if thats the case, there should be a form or section about still registering the car even tho it has the bank listed on the title... you could try but u might not wanna pay him till you know itll work

[deevergote]

If the car still has a lein on it, the bank could go after the new owner just as well as the old one... You don't want to buy a "cheap" car, only to find that you owe more on it... or risk having it repo'd! It's possible that the guy hid the car for some time while he was in default. They can't take what they can't find! My friend actually makes a living finding people and cars that are in default... He even has access to a satelite camera that is nearly real-time (much better than anything we have easy access to...) so he can look for the car at the property. He's found cars that supposedly don't exist anymore in people's back yards, pulling out of garages, even hidden in neighbors yards. I want his job!!

[KillerCam282]

Example of a Chargeoff

It doesn't need to be damaged at all. It just means a new title cannot be attained for it. Usually it will get a Certificate of Destruction.

[kmart64]

well, I'll see if I can get a title. If not, I will use it as a parts car and probably part it out