I paid 1/3 cash for a car, since I did not have a SSN in US (Live in Maryland) my friend is first on the loan and I am second. I am on the title (MD title), not my friend, but the bank is a bit further down as financer. Who owns when the loan is paid off in full if:
a) I pay the loan off myself
b) My friend pays off the loan
Thank you for any answers
/B
2007-11-01 13:05:09 · 9 answers · asked by Bjorn J 1 in Cars & Transportation ➔ Insurance & Registration
Thank you! Qestion solved (dont know how to give the question solved status..)
2007-11-01 16:12:39 · update #1
In the State of Maryland, there are two parts to the title. One is the title, which will show the lien holder information, the other is the "notice of security interest filing" which is sent to the lien holder (the bank or finance company). When the car is paid off, the notice of security interest filing paper is sent to the owner of the car.
In this case the car is titled in your name alone. Your friend co-signed the loan for you. The friend has no legal interest in the car, but they are liable to the bank in case you do not pay!
It does not matter who pays the loan off, you are the legal owner subject to the lien filed by the bank! When the lien is released, you have full ownership.
2007-11-01 14:57:20 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Now, the lender is the owner. When the car is paid off, it will be titled in your name only. It seems there is a problem in the way the paperwork was handled, or the title was processed, since you and your friend should be listed as the registered owners, and the lender as the legal owner. Once the payoff was done, the title should read in both you and your friend's name, however, since that is not the case, you will have the car in your name.
2007-11-01 13:10:47 · answer #2 · answered by fisherwoman 6 · 0⤊ 1⤋
If your name is the only one on the title, then whenever it is paid off, no matter who pays it off, it goes to you. If both yours and the friends name is on the title, then it is joint property (which unless you are married, isn't going to happen.) The loan can be in both names, but not the actual title.
2007-11-01 13:08:47 · answer #3 · answered by zanilth1984 4 · 1⤊ 0⤋
The person whose name is on the title owns the vehicle irregardless of who paid what and whose name is on the loan or the registration.When the vehicle is paid off in full whoever does it the title will go to you and so will ownership of the vehicle.
2007-11-01 13:10:55 · answer #4 · answered by hjbergel 5 · 1⤊ 0⤋
The title is the controlling document, and if yours is the only name there other than the legal owner, the bank, once you get the lien release and get the bank's name off, yours will be the only name left, and it will be your vehicle.
2007-11-01 14:23:55 · answer #5 · answered by oklatom 7 · 1⤊ 0⤋
Hopefully, you. You and your friend (who has the SSN not the financing) should draw up a contract to reflect who the true owner of the car is.
2007-11-01 13:26:33 · answer #6 · answered by ♥Jenny♥ 3 · 0⤊ 1⤋
Once the leinholder (the bank) is satisfied, you will be the proud owner. The only way your friend can place a claim is to do so in a civil court of law.
s. laureys
2007-11-01 13:58:47 · answer #7 · answered by stevenmlaureys 2 · 2⤊ 0⤋
If you are on the title, and no one else, then it is your car.
2007-11-01 13:08:29 · answer #8 · answered by Rafael P 4 · 2⤊ 0⤋
ME lol i,m lieing i,m only 12
2007-11-01 13:07:57 · answer #9 · answered by Anonymous · 0⤊ 6⤋