Most reputable towing companies will sell or "dispose" of your vehicle through the lien sale process. If any monies are collected from the sale that amount will be deducted from the total amount due on the lien sale date. Your information will then be forwarded to a collections agency and attached to your credit if you fail to pay. This is supported by the CVC (California Vehicle Code) because it is considered abandoning your vehicle. There are some, usually shady and will bite you in the end eventually, companies that will let you sign over the title.
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