Q&A

Who keeps the title when you finance a car?

Who keeps the title when you finance a car?

lienholder
If you’re financing the vehicle, the lienholder will typically send you the title after the loan has been repaid.

Can you buy a car and put it under 2 people’s names?

can car title and registration be in different names? Yes, they can. If the registration and title show two different names, the owner (the name on the title certificate) must authorize the other person to register the vehicle by completing box 3 on the Vehicle Registration/Title Application (PDF) (MV-82) form.

How long does it typically take to get your title after buying a used car at the dealership?

In most states, they also hold onto the title until you finish the loan. After your purchase a vehicle, you typically get the car’s title in the mail within two to six weeks if you’re in a non-title holding state.

What does title holding state mean?

“What does it mean if I live in a title-holding state?” When you live in a title-holding state, the title will be issued to the registered owner/operator of the car, regardless of lien holder. In the other 41 states, titles are issued to the lien holder of your vehicle until the loan is fully paid off.

What to do if you bought a car you don’t like?

Alternatives to returning your car

  1. Sell it. By selling your car to someone else, you might be able to get out of being stuck with a car you don’t like.
  2. Ask for voluntary repossession. If you can’t afford the monthly payments, you could call the lender and ask for a voluntary repossession.
  3. Refinance your auto loan.

What is the first thing you should do after buying a used car?

5 Things to Do After Buying a Used Car

  1. Transfer the title. The first thing you need to do is secure a clean title to the vehicle.
  2. Get your vehicle insured.
  3. Register your car at the DMV.
  4. Get your car inspected by a mechanic.
  5. Get auto breakdown coverage for your car.

What happens if I take out car finance for someone else?

The person responsible for repaying the loan does not have possession of the vehicle (because you have it), which leaves the finance company at greater risk of not getting its money back and not getting the car back.

When do you finance a car, who has the title?

When you’re financing a vehicle, it’s important to know who has possession of the title. That way, if you plan to sell the vehicle, you know the steps you must take to secure this important piece of paper. Information and research in this article verified by ASE-certified Master Technician Duane Sayaloune of YourMechanic.com.

What happens if car loan is in name?

Insurance may also be a problem. If the vehicle is insured in the decedent’s name, then the insurance company will balk at paying, if there is a claim. If and when the loan is repaid, the lender will issue a release to the decedent.

Why is my wife paying for my car finance?

Since you have been putting money in your wife’s bank account to pay for the car finance, it will seem that she has been paying it instead of you.

What happens if my ex has the title to my car?

If you own the title, it’s your car. If you hold the loan, it’s the bank’s car, with the expectation that they will turn the title over to you when you finish paying off the loan. If your ex’s name is on the title and yours isn’t, or on the loan and yours isn’t, it’s her car, regardless of who paid for the license plates.

Insurance may also be a problem. If the vehicle is insured in the decedent’s name, then the insurance company will balk at paying, if there is a claim. If and when the loan is repaid, the lender will issue a release to the decedent.

Can a woman remove her name from a car loan?

Unless she agrees to remove your name you are stuck. It is possible that at the time of trial or other hearing the court could order her to pay off the vehicle and then, if she wished, refi it. Possible but highly unlikely.

What to do if your name is on the title of a car?

If both your names are on the loan or title, you’ll have to either come up with an equitable way to divide the property, or get the court involved. I suspect since you didn’t say your name was on the title, just brought up the registration, it’s her car.