Strange missing title scenario - suggestions?
So my buddy is in a strange situation. He acquired a vehicle from a friend that had issues and didn't run. They discovered that despite the vehicle being paid off for several years, the lien was never released on the title by the bank, so in theory the title couldn't be transferred yet. The problem is that the bank no longer exists, it was either bought or closed. They told him they had submitted something to the state to address this, so he took possession of the vehicle and started repairing it assuming the title was coming in a couple weeks and they'd transfer then. Several months later, vehicle runs and is roadworthy, but friend/"previous" owner first said they were waiting on the state, and now has fallen off the face of the earth with no sign of the title.
The only path forward he's found so far is to file a TR-205 with the state, but the issue is that it's only for vehicles valued $2500 or less. This particular vehicle is valued much more than that, however when he "bought" it, it wasn't running and was in fact worth under $2500. The state's requirement is that he show a valuation from a major website (KBB, NADA, etc.) showing $2500 or less, or have an appraisal done by a licensed appraiser. Appraisal would have been the way to go when it was a mess, but I doubt anyone would sign off on that now. With the valuation websites there is no condition/options combo that puts him below the threshold, aside from adding about 30k miles to it which I imagine would cause issues trying to sell it (or worse).
Are there any other ways for my buddy to get a title for this thing?
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Originally Posted by 4Gas$
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