2 ms·
No (or rather, I have never seen this where I live in the US), they have a lien on the title. You still have the title. Source: Trying to get a bank to remove
by falcolas 5y ago
No (or rather, I have never seen this where I live in the US), they have a lien on the title. You still have the title.
Source: Trying to get a bank to remove the lien after it’s fully paid off can be a real source of frustration.
- kube-system 5y agoYou will be listed as the owner on the title but it is not uncommon for the bank to physically hold the title. The way all of this works varies by state though. Some states issue a title electronically when the lien is released.
- zdragnar 5y agoThat varies by state. Where I live, the financing institution with the lien keeps the title until it is paid off. Kinda nice when you trade in a car you still owe a bit of money on, as you don't really need to bring anything with you other than the key and your drivers license; the dealer does all the work getting it cleared and transferred.