GMC Reposessionon a abondoned 2004 Yukon?

[Philip S]

One of my wifes girlfriends has had a 04 GMC Yukon on her property for some time now. I believe the story is that a friend who had financed parked it there before leaving on a international business trip. Two weeks into the trip he met his dream girl,married and has no plans on returning to the US. It has low miles and was in very nice shape but has been sitting uncovered, beneith a bunch of sap dripping trees for close to two years. My wife and her friend have a third friend that is a single mother two on a very limited budget who could use a reliable vehicle for a good price. My question is does anybody have any advice on approaching the lienholder (I believe GMC Fin.) in hopes of purchasing the truck at auction/wholesale or below wholesale price. It would be going to someone in need. Thanx Philip

[Molson02536]

Originally Posted by Philip S

One of my wifes girlfriends has had a 04 GMC Yukon on her property for some time now. I believe the story is that a friend who had financed parked it there before leaving on a international business trip. Two weeks into the trip he met his dream girl,married and has no plans on returning to the US. It has low miles and was in very nice shape but has been sitting uncovered, beneith a bunch of sap dripping trees for close to two years. My wife and her friend have a third friend that is a single mother two on a very limited budget who could use a reliable vehicle for a good price. My question is does anybody have any advice on approaching the lienholder (I believe GMC Fin.) in hopes of purchasing the truck at auction/wholesale or below wholesale price. It would be going to someone in need. Thanx Philip

Claiming ownership on an abandoned vehicle has been done before, and you can do it as long as you abide by the law. There are two common ways you can claim ownership of an abandoned vehicle, and a few traps to avoid as you seek ownership of the vehicle.

Go to your Department of Motor Vehicles (DMV) and report the abandoned car. Tell the DMV officer the vehicle's license plate number or Vehicle Identification Number (VIN), which you can find on the lower portion of the windshield.

Contact the owner (Lien holder) of the abandoned car, once the DMV can find out who holds the title to the car. Ask the owner if you can purchase the car and send you the title. Give the owner your address for them to send you the title.

Sign the title to the car. Once you've done that, it's yours.

Claiming Ownership by Bidding:

Go to your local DMV and report the abandoned vehicle. Tell the DMV officer the vehicle's license plate number and VIN. Ask the officer if he can track down the owner of the car so you can take ownership of it.

Keep tabs on the car, if the DMV can't track down the owner. Chances are, the car will be impounded and the towing company will auction it off to the highest bidder.

Take your checkbook and purchase the car at the auction. Once you've signed the title to the car, it's yours.

NOTE:The DMV may not give information to you about the owner, leaving you unable to call the owner directly. Instead, you can ask the DMV to contact the owner on your behalf about selling the vehicle to you.

Here is where to start:
1. Use the DMV web site to find title transfer information for your state.
2. Understand the status of the vehicle. Abandonment is carefully defined in order to allow the council or police department, or a towing company, to remove a vehicle from a dangerous or illegal position and impound it.
3. Most of the vehicles considered abandoned in a common sense way are either salvage or junked vehicles. It is also possible that your abandoned vehicle may be fully titled but registered as non-operational.

A salvage vehicle is defined by the municipal codes as "a vehicle that has been wrecked, destroyed, or damaged to such extent that the insurance company considers it uneconomical to make repairs to the vehicle and the vehicle is not repaired by or for the person who owned the vehicle when the damage occurred.

A junked vehicle is defined as "one which has been dismantled because it was wrecked, abandoned, or a low valued vehicle that was impounded and acquired from an enforcement agency and is no longer operable

Only certain individuals can make the decision that a vehicle is abandoned and not junked or salvage. In most instances these individual's will define a car as abandoned and then remove it, but in some cases you may be able to get them to leave it and you can conduct a lien sale on the vehicle.

To conduct a lien sale:
1. Get the correct form.
2. The DMV will send you the complete vehicle history report for you with any registered or legal owner(s) of record, and known interested parties, like, for example, banks that may have loaned the owner money to buy the vehicle, or local parking offices who may be due monies for unpaid parking tickets.
3. At least 31 days, but no more than 41 days before the sale date, fill out and submit Form , Notice of Pending Lien Sale for Vehicle Valued ($XXXX.00). You must send this form by registered mail to the address on the form.
4. Anybody, including the owner, can oppose a lien sale. If your lien sale is opposed it will all go to court.
5. The original owner will then have to pay to release the vehicle, and then sell it to you in the regular way, by transferring the title. To get title to a not something that usually applies to cars left in fields or yards that you may want to gain ownership. These vehicles are typically defined as either salvage or junked vehicles.
6. On the sale date, the vehicle must be available for inspection at least one hour prior to the sale. A lien sale is a public auction so anyone may appear and bid. Sealed bids are not allowed.
7. If you get no buyer the car may be yours.

- Complete the Certification of Lien Sale for Vehicle Valued ($XXXX.00) showing you as both the buyer and seller.
- Remove and destroy the license plates on the vehicle.
- Within five days ((Vehicle code)), submit a Notice of Transfer and Release of Liability form to the DMV.

You will need the following information:
- A description of the vehicle including the vehicle license plate number.
- The vehicle identification number number (VIN number)
- The vehicle make.
- The model year.
- New owner’s name and address.
- Vehicle odometer reading as of the sale or transfer date.
- Date of sale.
- Seller’s or lessee’s name and address.

8. Once you receive approval you must register and title the car in your name for the legal transfer to be complete.

Thinks to take NOTE:
1. It never hurts to call the DMV before going to make sure you have everything you need.
2. Many parties may have an interest in the vehicle other than the owner, if there is one. These include lien holders like banks, towing companies, municipal parking offices, insurance companies, law enforcement and many others. These parties will need to be contacted and negotiated with in order for your to secure a title.
3. Re-registering salvage or junked vehicles usually involves inspection of the vehicle.
4. he former owner may not want to sign the title over. One thing that may persuade them is any money and fees required to get the car working again, so add it all up before you contact them.
5. Laws vary from state to state, so you may get some surprises when you go to the DMV.

Here is a link that should help you and others in this matter.
http://www.dmv.org/title-transfers.php