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(probably wrong statement follows) In the US, title to the vehicle usually remains in the hands of the creditor until it’s paid off.
by jcims 5y ago
(probably wrong statement follows) In the US, title to the vehicle usually remains in the hands of the creditor until it’s paid off.
- yardie 5y agoTh title is in the owners name with a note of a bank lien on it. When you sell the car the bank lien is settled first and then the transfer can begin. In most cases you can’t register the car without the title and you cant drive the car without it being registered.
- jcims 5y agoInteresting. It must be recorded at the county or something then? I haven’t seen a title for a vehicle in quite some time.
- yardie 5y agoMy state it's all electronic now. I have a paper title for my records but the it's just a fascimile of the digital original. To complete the sale I'd need to bring it into the tax collectors office where they update the digital record and print a new paper title for the next owner or do it at a dealership.