I have an old car with a wholesale value of, I’m sure, no more than a few hundred dollars. The car was towed 13 days ago. I don’t exactly want to let it sit at the impound yard until it gets sent to a lien sale (this can hurt my credit, yes?), and I certainly don’t want to pay the impound fees to get it out. My question is this:
Can I go the the tow company and just sign over the title, completely releasing my interest in the vehicle? If I do this, will the impound fees to date still need to be paid by me at some later time? Would the tow company even accept this or are they completely happy waiting to sell the car at a lien sale?
Big D
March 10, 2010 at 6:36 pm
They will try to get you to pay the fees however they cannot affect your credit I assume you did not request the impound. Yes you can be nice and sign the title over to them you might want to get them to sign a peice of paper stating that they now have the car in their possesion at that point. Just in case someone else wrecks it so you are not liable for the damages. Good Luck
Capt Crasher
March 10, 2010 at 6:43 pm
You could offer, but they may not accept it.
Technically, it would be a sale, the car for the value of the tow + storage fees.
They might feel they are taking a loss.
If they HAVE to take a loss, it would probably be better for them to do so because they have “no choice” since You refuse to claim the vehicle or pay the bill.
I don’t think a “mechanics lien” would actually go against your credit, unless You have a Lien against the car in the 1st place (a loan You would be defaulting on).
Check with a local attorney on the matter.
oklatom
March 10, 2010 at 7:06 pm
As the owner of a towing company, I’m thrilled to pieces when someone comes and tells me their intentions and gives me a title to a car. Then I can get it out of my yard and either sell it, or take it to be crushed. In fact it makes me so happy that I will sometimes accept the title in place of payment of amounts due.
If you just ignore it, I have to hold it for 30 days, taking up space. Then I have to notify you by registered mail that I’m going to do a lien sale and give you 10 days to come get it. With the last increase in postal fees, it’s over $5 now to send a certified letter. So, ignore it, I’ve got at minimum 40 days invested in your hundred dollar car. See me now, and I’ve got only 2 weeks into it.
Of course, I’m talking law for my state, some are worse, some are better. But the principle is the same. Let them know what you want to do, and see if they will work with you on the balance. Luck.