Don't know the details, but everytime I sell a car with a balance owed to me, I get the title as Rich's Car Corner is the legal owner just like a bank.
Does not relieve me of my legal respondsibiltys, these laws are set up to protect the consumer so a tow yard, a car lot, a bank, or a repair shop can't take a million dollar article and sell for pennies and cheat the consumer.
What about a bank? Guys buys a 2011 supercharged Vette, puts 50k down, misses 3 payments, car has 2k miles, garaged from day one, bank repo's car, they don't get to keep all of his 50k.
They get what it will bring at a auction that is not ended early, they get repo costs, late fees, storage and its not three years of storage either.
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