can the lienholder take my car?

Question

i have a car that im making payments to. i havent changed my name onto the cars title because of money issue. the lender is listed as the lienholder. what happens if i dont change my name onto the title? i have the title with me.

Answer 1

you need to atleast have the bill of sell with you incase you get pulled over... but it is illigeal not to transfer ownership within 30 days.

Answer 2

You have a "copy" of the title. The lienholder has the actual title. You really need to get your name on it. It will cost you more in court if you don't, should you get pulled over.

Answer 3

What you have is called a MEMORANDUM of title. It is not the actual title.

When will you get the actual title? When you PAY OFF the car. (The lien holder will send a lien release - usually, they send it to the DMV and the DMV will issue you a new title free and clear of liens. Or - the lien holder - who has the actual title - will sign off on the lien and SEND the original title to you)

Can the lienholder TAKE the car if you DON'T make payments? Absolutely. It is THEIR car until you pay it off.

:-)

~jifr!

Answer 4

whilst i will appreciate your concerns, i don't think of the DMV will care. given which you're actually not a qualified very own loan employer, you need to get a freelance signed and notarized between you and the BF. A consultation with an lawyer is greater on your budget than signing papers that are actually not criminal or won't be able to be pursued. great to be sure you're clever sufficient to conceal your self now as a replace of writing right here later to whinge you lost the motor vehicle and the BF and can't do something approximately it.

Answer 5

Doesn't really matter whose name is on it - if you don't make your payments, the lienholder has first right to the car.