i need to transfer my license from one state to another and they said i need my title.
2007-01-19 02:24:41 · 9 answers · asked by kitty g 2 in Cars & Transportation ➔ Insurance & Registration
Kitty, It's like this. You will be listed as the owner with the bank as the lienholder. But you get a Certificate of Title it just has that information spelled out.
So as long as you clear it with the bank that you are going to another state, there shouldn't be any problem. And the Certificate of Title you get should suffice for documentation.
PS. WOW pic on your profile.
2007-01-19 02:35:21 · answer #1 · answered by snvffy 7 · 0⤊ 0⤋
If you buy a new car and you took a loan to pay for it, the bank is in possession of the title until the loan is paid off.
Granted I've only moved from state to state once but I've not heard of requiring a car's title to transfer a drivers license.
I would contact customer service at the department who handles the transfers of out of state licenses and have them explain to you what you need.
It's possible they thought you were asking about transferring the registration of the vehicle and there might be a different set of requirements for that.
2007-01-19 10:43:42 · answer #2 · answered by James 1 · 1⤊ 0⤋
It depends on where you live. Some states are title holding states, some not.
Go to the DMV in the state where you will be living. If your bank has the title, they will write a letter to your bank and request the title be sent to the new state DMV. Your bank will send it to the DMV and then they will get you a title in the state in which you will be living. They will mail the new title back to your bank for them to hold until it is paid off.
Reason: Law states the title must match the registration (plate).
If there is no loan on your car, you get the title.
2007-01-21 20:59:42 · answer #3 · answered by Risk_Kay 3 · 0⤊ 0⤋
The bank controls the title!
2007-01-19 10:35:28 · answer #4 · answered by markos m 6 · 1⤊ 0⤋
If you take out a loan from the bank for your new car, the bank keeps the title for collateral...If you fall behind on your payments the bank can repossess the car to resell it, recovering their money they loaned you. If the money the bank gets for resale of your car does not meet the amount of what you owe then they can still collect the balance from you. Usually taking you to court.
2007-01-19 10:34:47 · answer #5 · answered by Kaycie 2 · 1⤊ 0⤋
The bank has the title until you pay off the loan.
License and title (ownership) are related, but you've got things confused.
2007-01-19 10:31:31 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You should get the title and the bank will have a lien on it until the car is paid off.
2007-01-19 10:34:13 · answer #7 · answered by Anonymous · 0⤊ 1⤋
The bank will hold the title, until you pay your loan off. Then they will mail it to you.
2007-01-19 10:31:23 · answer #8 · answered by Kris10 3 · 1⤊ 0⤋
The bank is listed as "Legal Owner" or "Lein Holder"
You are listed as "Registered Owner"
You get BOTH the Registration, and Title.
2007-01-19 10:29:14 · answer #9 · answered by Mr. KnowItAll 7 · 0⤊ 1⤋