It's a luxury vehicle and worth well over $20k. I'm in a cash crunch but don't want to get in serious legal trouble. As far as I can determine, I've got the vehicle and the title and I should be able to sell this car and pay down the debt with the proceeds, albeit, not in the full amount. Opinions?
2006-09-02 21:48:29 · 3 answers · asked by Padrefan 3 in Cars & Transportation ➔ Insurance & Registration
In CA, you don't get the title. It was issued to me as the owner, in error. i suspect I'm asking for trouble if I sell the vehicle. Thanks for your input.
2006-09-03 13:33:14 · update #1
you may hold the title but is it a clear title.check lien holder section of the title. if no financial institution is present you should contact them to get this error fixed to avoid prosecution for theft
2006-09-04 16:20:48 · answer #1 · answered by Billy T 6 · 0⤊ 0⤋
Not a clerical error, you get the title. You are listed as the Registered Owner. The finance company is listed as the Legal Owner, and without a release from the legal owner, you can't sell it.
If, in the rare chance, they left the legal owner off and you sell it, you're facing charges of grand theft, because they can go to court and show you signed. When you get a few payments behind and they find it out, and find out repossession from you is out of the question, they will then go to the buyer and take it, and you will have both the buyer and the finance company filing charges against you.
2006-09-03 00:27:55 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
Is the lien released? There should be a place on the front of the title where someone at the finance company can sign to release the lien. You can't sell it legally. It still isn't yours. Right now the finance company owns it. I would turn it in to the finance company.
2006-09-03 11:11:57 · answer #3 · answered by mlc24_1980 3 · 0⤊ 0⤋