Ekhaterina
New Member
I have several questions regarding how a rent-to-own tire and wheel entity can protect its rented property. If anyone has answers for my questions, it would be very much appreciated.
How can a rent-to-own tire and wheel entity establish a lien on customers' vehicles on which tires and wheels are mounted? It is customary for such a company to do this? Should it be done up front for every rental contract above a certain dollar threshold; or should it be done only if a rental customer defaults on his contract?
Is a "mechanic's lien" the appropriate document? Is a UCC-1 financing statement also necessary?
If a lien is executed and properly filed, does the rent-to-own entity have the right to confiscate a vehicle on which tires and wheels are mounted, and to hold it, in order to collect the remaining balance on a contract?
Is it possible that such a lien would be overlooked by a potnetial buyer of the vehicle, thus effectively rendering the lien useless in protecting the rent-to-own entity?
Does the rent-to-own entity need to have the vehicle title in hand in order to place such a lien on it?
Thanks so much to anyone who can help with these questions.
Ekhaterina
How can a rent-to-own tire and wheel entity establish a lien on customers' vehicles on which tires and wheels are mounted? It is customary for such a company to do this? Should it be done up front for every rental contract above a certain dollar threshold; or should it be done only if a rental customer defaults on his contract?
Is a "mechanic's lien" the appropriate document? Is a UCC-1 financing statement also necessary?
If a lien is executed and properly filed, does the rent-to-own entity have the right to confiscate a vehicle on which tires and wheels are mounted, and to hold it, in order to collect the remaining balance on a contract?
Is it possible that such a lien would be overlooked by a potnetial buyer of the vehicle, thus effectively rendering the lien useless in protecting the rent-to-own entity?
Does the rent-to-own entity need to have the vehicle title in hand in order to place such a lien on it?
Thanks so much to anyone who can help with these questions.
Ekhaterina
