The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.The loan must be paid before you can transfer title to the car.
You get the title
With a quit claim and the agreement of your mortgage company, you can transfer your home title to anyone. However, if you are carrying the mortgage, there needs to be lien on the title until the loan is paid in full.
The loan must be paid off first so the lender will release the title.
You can only transfer a car title with a lien if the leinholder agrees to the transfer. The usual way is to pay off the loan as part of the purchase or transfer transaction, using part of the sales price for that and thus removing the lien.
IF the loan is perfected, it can be repossessed. If you have signed a loan contract with the vehicle specified as collateral for that loan, it can be reepossessed if the loan is in default.
You must transfer the title of the car your friend gave under your name in order to apply or recieve a title loan on the car.
That depends on the type of property covered by the loan. A co-signer cannot transfer the obligation to pay the loan to the primary borrower. The co-signer has a contract with the lender that they will pay off the loan if the primary borrower fails to pay.If the property is a car the co-owner can sign over the certificate of title and the grantee can request a new certificate of title in their sole name.
You cannot transfer the title while the lender has a lien on it and they will NOT release the lien until the loan is paid off. They will also NOT allow any names on the title that are not on the loan papers.
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
Yes, taking out an auto loan means that there is a lienholder on the title of the vehicle. Once the loan is paid off, the lienholder is removed and it is owned free and clear.
Thsi depends on who is actually listed on the title alone. If the cosigner appears second or not at all on the title, then the title transfer can be done at the DMV, showing the vehicle was "sold" to the co-signer. This will update the title and registration of the vehicle. Now, if the co-signer also wants to be the sole payee on the car loan, the co-sighner would need to refinance the auto-loan in their name alone and be approved.