I recently bought a car for which I took out a loan from a bank. The dealership however mailed me the title under my name and there is no mention of the lein holder's name on the title. It says that I do not have a lein holder on the car. Do I own the car?? Could I just not pay the loan and get away with it????
2006-08-29 08:41:54 · 11 answers · asked by nb2020 2 in Cars & Transportation ➔ Buying & Selling
You really should pay for it. Come on, now--you knew this answer!
2006-08-29 08:49:49 · answer #1 · answered by smoot 3 · 0⤊ 0⤋
no, just because it's not titled under the lein holder, it's still collateral under your loan from the bank. That loan agreement gives them the right to re-posses your vehicle.
2006-08-29 08:48:01 · answer #2 · answered by londonhawk 4 · 0⤊ 0⤋
The car dealership more than likely has the bank's information in their system, as does the bank with the car dealership's information. They may just not have put it on the title. I would call up the bank and ask them to make sure....better safe than sorry!!
2006-08-29 08:47:41 · answer #3 · answered by aloneinga 5 · 0⤊ 0⤋
You also have legal loan documents with the bank and you are probably required to take the title to the bank.
If you quit paying your credit will be ruined and you still will be forced to pay!
Grow up and pay your debts!
2006-08-29 08:48:29 · answer #4 · answered by me4tennessee 6 · 0⤊ 0⤋
Even if the loan is not secured on the car, and is "unsecured", the bank can still pursue you for repayment of the loan unless you claim for bankruptcy.
2006-08-29 08:47:34 · answer #5 · answered by Tim 2 · 0⤊ 0⤋
Probably until the finance company realizes they haven't received the title. You probably signed a document stating that the car was the collateral for the money you received.
2006-08-29 08:47:50 · answer #6 · answered by Papa John 6 · 0⤊ 0⤋
If you have no character, don't pay the payments.
They WILL get you though. You signed a contract.
Be honest throughout your life and only good will come back to you.
2006-08-29 12:07:42 · answer #7 · answered by Trump 2020 7 · 0⤊ 0⤋
If you want to get sued by the bank...
2006-08-29 08:46:25 · answer #8 · answered by yeppers`peppers 6 · 0⤊ 0⤋
If you want the car repossessed!!
2006-08-29 08:47:51 · answer #9 · answered by sdarp1322 5 · 0⤊ 0⤋
Are you 6 years old or just one of the many stupid morons-- I'm sorry, I don't want to insult morons-- stupid idiots out there????????????????????
2006-08-29 09:15:30 · answer #10 · answered by jrr_hill 3 · 0⤊ 0⤋