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Take possesion of car where title is collateral? (Texas)
https://ftp.fugitiverecovery.com/forum/viewtopic.php?f=13&t=10556		 Page 1 of 2
Author:  raymor [ Mon 26 Oct 2009 13:05 ]
Post subject:  Take possesion of car where title is collateral? (Texas)
The company we work with took title to a car as collateral on the bond.
They are wanting to pick up the car now that the defendant has skipped.
Apparently they haven't done that before, so we're trying to find out about
any legal steps required before going to get the car. Perhaps something
needs to be filed with the county clerk first? If anyone is familiar with the
proper procedure we would be grateful for any pointers.
Author:  tsuggs [ Mon 26 Oct 2009 13:46 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
Check with a repo company to see what the procedure is. Its the same thing. Client defaulted, you own the car.

BTW, that is why we don't take just the car title. If we were to use a car as collateral, we take the car, store and charge the defendant the storage fees. If the car is wrecked, stolen or the skip takes it with them, you no longer have any collateral.

But if you're going to take a title, make sure it is recorded in your name and the insurance is made payable to you in case of a wreck. Also make sure the car is worth more than the bond amount.
Author:  Mdbtyhtr [ Mon 26 Oct 2009 16:12 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
I agree with Tony. Ifd all the defendant gave the bondsman was a car title, that car might not even exist anymore. Lots of people have titles to crushed cars, total lossed cars etc. There is nothing saying they don't give you the title and then go to the DMV and ask for a replacement for a lost title and sell the car either. I would treat this like I do child recoveries, all paper work gets reviewed by my attorney at your expense, because if something is wrong, you face career ending criminal charges.

Remember Ray, nobody has power over you that you don't allow them to have. Please don't let your desire to prove your value to this bondsman cause you to take a poor or not thoroughly thought out decision

Scott
Author:  speezack [ Mon 26 Oct 2009 18:24 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
tsuggs wrote:
But if you're going to take a title, make sure it is recorded in your name and the insurance is made payable to you in case of a wreck. Also make sure the car is worth more than the bond amount.


Right on the money Tony....

Do you all remember the "little ole lady" I had in the "Wanted" section several years ago??? Well, I had a car title that her son owned... I filed a lien at DMV right after she skipped.... then I forfieted the bond since we just could not find her... then, I get a call from the insurance company asking for my mailing address so they could send me a check since the vehicle had been totaled... "why thank you".... that just covered the forfeiture... then... about 14 months later, she shows up in court (go figure... she went to court and was instantly arrested and put back in jail)... the fellow that was looking for her called me and notified me of her location... I called the court and had a refund check for the forfeiture in less than a week (we have 2 years to return the skip for a refund after forfeiture) I did not feel the least bit bad about accepting both the insurance money and the returned forfeiture... I had spent a load of money on a bond that was only $2500... so the great Magistrate in the sky was looking down on me on that one................

Put a lien on the vehicle if nothing else.... if I am not mistaken, in Virginia, you cannot pick up the car if it is collateral on the bond until the bond forfeits... I may be wrong on that but I seem to remember a case that made us wait till the forfeiture paid before we could repossess.

Do not put the vehicle in your name however, because I know a bondsman that had a fairly bad time trying to prove he was not involved in a bank robbery when the vehicle he "owned" was involved in a heist in Florida several years after it disappeared.... instead of a lien... he put it in his name.... bad move as you could find yourself in a lawsuit as the owner of the vehicle..... lien yes, titled no.....
Author:  speezack [ Mon 26 Oct 2009 18:27 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
Quote:
There is nothing saying they don't give you the title and then go to the DMV and ask for a replacement for a lost title and sell the car either


I always make sure the car is titled, licensed and on the road... and physically view it if at all possible.

If I have any question in my mind... I go directly to DMV and put a lien on the vehicle... they cannot get a duplicate title if I am the lien holder.
Author:  tsuggs [ Mon 26 Oct 2009 19:09 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
Yes,

Bill is correct and maybe I was not very clear. Make sure that you are on the title as a lienholder, NOT the owner. That way you can repo the car but not be responsible for any tickets, bank robberies, etc that the defendant might commit.


However, if you do take the car and try and sell it, you may have to pay any outstanding parking tickets to clear the title, if your scumbag is back in jail.

A local bail agent I know, took a Hummer as collateral and was drivnig it around town for a couple of days. When I told her that if that vehicle is wrecked or stolen and she would be responsible for the loss, she quickly gave it back and got real property as collateral instead.
Author:  Mdbtyhtr [ Mon 26 Oct 2009 19:40 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
In Maryland, if you take a vehicle as collateral, you can only store it securely and cannot use it in any way.

Scott
Author:  abeaglepi [ Tue 27 Oct 2009 06:17 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
I'm glad I read this thread. I've taken titles on many occasions as bond collateral and often wondered, "Wouldn't it be better to put a lien on the vehicle?" My question is this, I've seen where Bill says he goes to the DMV to do a lien. Isn't that done at the county clerk's office? I'm sure it probably varies by state. Anybody know? What is the process and how is it completed?
Author:  speezack [ Tue 27 Oct 2009 08:42 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
abeaglepi wrote:
I've seen where Bill says he goes to the DMV to do a lien. Isn't that done at the county clerk's office? I'm sure it probably varies by state. Anybody know? What is the process and how is it completed?


I just pull a form from the web site.... Virginia DMV... fill it out, take it in to the office, pay $6, get another title with me on as the lien holder and keep it till the case is finalized, then mark the lien satisfied and send it back to the Indemnitor... very easy and simple and requires little foot work.

I think auto stuff is usually done at DMV... but of course depending on the state... it certainly could be anywhere.... including court clerk...



Especially in Hawaii, where I think anything of value is registered to Duane Chapman... 8) 8)
Author:  speezack [ Tue 27 Oct 2009 08:49 ]
Post subject:  Re: Take possesion of car where title is collateral? (Texas)
Quick follow up on this.... I did register the vehicle on one occasion in my name... the case owed me some money and after the bond was finalized they did not pay me what they owed so I kept the title which of course reflected my name as owner.... I put a charge on the Indemnitor for "Unauthorized use of a motor vehicle"... one step down from "auto theft" .... they were picked up, went to jail, bonded out by another bondsman... went to court and ended up paying me what they owed plus my costs in the case and that was that..... however, I have since determined that ownership is not........ absolutely, is not the way to go.... lien holder is it......... much easier and basically the same result.
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