2006-07-19 08:35:40 · 20 answers · asked by stylus 1 in Cars & Transportation ➔ Insurance & Registration
That's A Trick Question You Ask......Is The Bank Listed on Title As Lien Holder?? If Not Then Technically Its Just Your Truck And You Can Do What You Want.....But Either Way The Bank Has Signed Forms By You Agreeing To Pay For Said Vehicle.. Its Your Credit Do With It As You Wish
2006-07-19 08:40:02 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Technically, the truck that you own is not yours. If you check your title, it should list a lien on it placed by your bank. This lien makes your bank the owner of your truck until you pay off the money that you owe.
2006-07-19 08:41:55 · answer #2 · answered by Andy 1 · 0⤊ 0⤋
Yes you still have to pay for the truck. The lienholder more than likely has documents showing that you entered into a loan with them. I used to be a loan officer and would run into this problem a lot. Simple clerical mistake on the dmv's part. The lienholder can take you to court and you will need to provide proof that you own the vehicle free and clear. Without that proof the vehicle is technically the lienholders and they can take it back for non-payment.
Remember, a loan company probably has better lawyers than you.
2006-07-19 11:25:07 · answer #3 · answered by Gracie 3 · 0⤊ 0⤋
Does the title have a lien recorded on it? If not, then you have a "clear title" and can do with it what you want. If so, then if you don't pay, they can take the truck back.
Either way though, you owe them the money.
2006-07-19 08:40:28 · answer #4 · answered by Otis F 7 · 0⤊ 0⤋
Are you in a title holding state? Where you hold the title, but they still have a lein on it. You are still required to make payments.
Did you payoff the car? Did the payoff bounce after they sent the title and lien release? If so, you still have to pay for the car. They will put another lien on the car through the DMV.
2006-07-19 08:54:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Having the title I would`nt think you had to pay.
but in the future it might come up that you still owed on the pick truck. No deed is a good deed, and you are usually paid back by the double amount[the bible say it but I can`t remeber the saying.] Now i believe its four folds back to you.
2006-07-19 08:41:04 · answer #6 · answered by Carol H 5 · 0⤊ 0⤋
of course you still have to pay! you asked the bank to borrow $$ to pay off " your" truck. you paid the dealership but you now owe the bank. if you dont pay ,your truck will get repo-ed or youll go to jail or you will be asked to make payment arrangements. but no that's not your truck. didnt you read the terms and condition on your loan agreement? didnt you even listen to the customer rep say anthing about your next payment or your last payment due on...or didnt you understand that your vehicle you thought you purchased is going to be collateral?
2006-07-19 08:44:20 · answer #7 · answered by ???? 2 · 0⤊ 0⤋
The bank has a lein on your truck, and if you sold it, the new owners would not be able to re-title the vehicle, as the bank has not shown clear title, and the DMV would not register the sale.
2006-07-19 08:43:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes your gonna have to pay. If the bank you owe is the lien holder your def. gonna have to pay. Your not even suppose to have the title itself til' the car is paid for.
2006-07-19 09:17:35 · answer #9 · answered by ♫♪♥mï®♥♫♪ 4 · 0⤊ 0⤋
i'm sure that your title has a lean on it from the bank so yes, you have to pay or you can never sell your truck. if you don't pay then it can also be repossessed.
2006-07-19 08:37:37 · answer #10 · answered by Nova J 3 · 0⤊ 0⤋