4 ms·

The registration would show the name of the real owner. I don't think this is a good example.

by dizhn 4y ago

judge2020 4y ago
That doesn't really change much though? It can still be taken from you for non-payment. What does it matter if some piece of paper says you "own" it if the courts will still allow someone to repossess it? Also this depends on the state, some US states are set up where the bank owns the title until the borrower pays it off, and others have the borrower on the title from the start but with a lien on the car by the lender in case the borrower doesn't pay. https://realestatelicensewizard.com/title-theory-vs-lien-theory/ https://realestatelicensewizard.com/title-theory-vs-lien-the...
- dizhn 4y ago
  Actually if I remember correctly (at least in NJ) the registration shows the name of the creditor as the owner. That was my only past experience. Mine was a vote in the "no you don't own it" direction and mine was financing not even a lease. (Not that they are fundamentally so different)
  - logifail 4y ago
    Vehicle registration rules in the UK[0] make a clear distinction between the "registered keeper" of a vehicle (the person who "keeps" it, uses it day-to-day, and who is responsible for taxing it), and a vehicle's owner. A vehicle's registration papers show the keeper's name and details but the document states in large letters "This document is not proof of ownership". [0] https://www.gov.uk/vehicle-registration/new-and-used-vehicles https://www.gov.uk/vehicle-registration/new-and-used-vehicle...
    - dizhn 4y ago
      I think our paperwork shows the registration info of the person who registred it. Like in UK this is not ownership by itself. The paperwork also has a section for any liens on the property. This can be the creditor from the beginning or a private person or a government entity can have a claim due to debts. Nowadays these are all in the system of course. The paper card does not mean anything. Everything is looked up on the spot.

The registration would show the name of the real owner. I don't think this is a good example.

by dizhn 4y ago

The registration would show the name of the real owner. I don't think this is a good example.

judge2020 4y ago

That doesn't really change much though? It can still be taken from you for non-payment. What does it matter if some piece of paper says you "own" it if the courts will still allow someone to repossess it? Also this depends on the state, some US states are set up where the bank owns the title until the borrower pays it off, and others have the borrower on the title from the start but with a lien on the car by the lender in case the borrower doesn't pay. https://realestatelicensewizard.com/title-theory-vs-lien-theory/ https://realestatelicensewizard.com/title-theory-vs-lien-the...

dizhn 4y ago
Actually if I remember correctly (at least in NJ) the registration shows the name of the creditor as the owner. That was my only past experience. Mine was a vote in the "no you don't own it" direction and mine was financing not even a lease. (Not that they are fundamentally so different)
- logifail 4y ago
  Vehicle registration rules in the UK[0] make a clear distinction between the "registered keeper" of a vehicle (the person who "keeps" it, uses it day-to-day, and who is responsible for taxing it), and a vehicle's owner. A vehicle's registration papers show the keeper's name and details but the document states in large letters "This document is not proof of ownership". [0] https://www.gov.uk/vehicle-registration/new-and-used-vehicles https://www.gov.uk/vehicle-registration/new-and-used-vehicle...
  - dizhn 4y ago
    I think our paperwork shows the registration info of the person who registred it. Like in UK this is not ownership by itself. The paperwork also has a section for any liens on the property. This can be the creditor from the beginning or a private person or a government entity can have a claim due to debts. Nowadays these are all in the system of course. The paper card does not mean anything. Everything is looked up on the spot.