I have a question about the title of a car?

Question

Ok, so I have about $1900 left to pay on my car, and I absolutely hate my car and can't wait to get rid of it ... but I want to finish paying it off before I trade it in. Well, I went searching for a title last night (in my glovebox ... only place I could think of that I would have it ... silly I know) and came up empty. My grandmother and I got the car together (as in her name is on the car with mine ... I was only 19 when I got the car and had no credit, so we used her credit). Well my grandmother passed away a little over a year ago. So I assumed the title was somewhere in her files and stuff in her house. I mentioned it to someone who told me that my grandma wouldn't have the title. That I won't get a title until I finish paying off GMAC. Is that how it works?

Answer 1

Yes, that's how it works. (So GMAC does indeed still have the title)

The bank, or financial institution has the title and it will be mailed to the address on the original financial application.

So if the address is different, notify the financial institution immediately so when the car is paid off the title will be sent to the correct location.

The financial institution basically holds on to the title as the collateral for the loan. Meaning they own the car until the loan is fully paid off. You'll get the title when the car is paid off. Hopefully the loan was taken out as an "OR" meaning your Grandma OR you can sign on the title. If it was taken out as an "AND", you'll have to take the death certificate into the DMV to get the re-titled in your name alone and make it easier for you to sell/dump the car later.

Answer 2

You do not have the title as the car is not paid for. When you do so, you will be given the title in which time you are free to sale or trade-in your car. I would suggest you sell it yourself, you won't get anything on trade-in. However if you hate your car this much, you can try going in and trading in your car and which point they company will then pay off your loan and you then will make new payments on your car of your liking. Make sure you pass the credit check and qualify

Answer 3

Depends on where you are. In some states, the lender is added as lien holder on the title and you hold the title, in other states the lien holder holds it until it's paid off and then you get actual possession of the title. Call the lender and ask. In the event they don't have it you can get a duplicate title by applying for it and paying the cost IF it's John Doe OR Grandma Smith on the title. If it is John Doe AND Grandma Smith then it gets a little more complicated and you will need to get in touch with the executor of her will and have a certified copy of the death certificate.

Hopefully GMAC will have it.

Answer 4

You do not receive the title until the car is paid off. When you do get it, do NOT keep it in the car. Put it in a safe place.

Answer 5

The identify place of work work replaced into in all risk fastened up once you acquire the vehicle. The broker will deliver the place of work work in to the state and in case you haven't any longer have been given a private loan on the motor vehicle you will acquire the identify interior some weeks. in case you have a private loan on the motor vehicle the identify would be held via the non-public loan business corporation till the non-public loan is paid in finished. as quickly as the non-public loan is paid, the non-public loan business corporation will then launch the identify to you. in case you have a private loan you would be required to hold finished coverage coverage on the motor vehicle till the non-public loan is paid off. As for the license plates you will in all risk ought to circulate to the community DMV place of work and get them interior likely 30 days. you in all risk can circulate your license plates out of your previous motor vehicle on your new one as long as your previous motor vehicle replaced into no longer a pickup truck or some thing different than a motor vehicle. maximum places that sell automobiles have it set up once you purchase a motor vehicle that the identify and registration place of work work is achieved via the broker and the broker will deliver all of it into the state all once you sign each and all of the place of work work once you purchase the motor vehicle. i might suspect this replaced into completed on your concern as properly. just to be sure and to ease your innovations, supply the broker you acquire the vehicle from and ask them if this replaced into what replaced into completed once you acquire the vehicle. reliable luck, and force competently!!