answersLogoWhite

0


Best Answer

Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate of 12% or higher.

User Avatar

Wiki User

โˆ™ 2011-12-09 18:40:41
This answer is:
User Avatar
Study guides

Add your answer:

Earn +20 pts
Q: If the bank sent you a title without a lien holder on it can you stop making payments on the loan and keep the car?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can I put a lien on a car title I'm selling if the buyer is making payments to you?

You can if you listed yourself as the lien holder of the car at the time you transferred the title to the person making payments. If you did not do this at the time you transferred them the title, you can not legally do anything.


I bought a truck from someone and was making monthly payments. This person was not making payments to the bank. The truck is in the process of being reposed by the bank. Can I put a lien on the truck?

nothing you can do without a title in your name


Car not paid for but i have car title?

You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.


If you are making payments to the bank for your car does the bank have your car title?

no,you should have title.


If I have a car loan with sister we are both on the title as owners can she take your car and sell it can you file a civil suit to remove her name since i am making the payments?

Keyword here is someone is still making payments, right? If someone is making payments then the owner of the car is the lending agency, not either of the two 'registered' owners. If this be the case, nobody can sell this car without the written authorization of the lending agency. Doubtful that either party could sell the car without having clear title to it ... the actual legal ownership document without the lien holder information. The only way to remove the other party from the title is for both parties to go to the local motor vehicle office and handle this matter.


If the cosigner is on the title can they take vehicle if person is not making the payments?

Yes..... I did


Can one person get a title loan on a car title with two names on it?

Not without the other title holder's agreement.


If someone was given an auto and title with no contract but cannot make agreed payments what are the rights of the title holder or the previous owner?

It would be the previous owner's loss.


The title holder has no job license or insurance as cosigner you are making payments what can you do to get possession of the car?

IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it.


Can you insure a car that you are paying payments on until its paid for from a private owner who holds the title?

I would insure any car that I was driving or making payments on. If you are on the title then you are an owner.


You are selling your motorcycle to a guy making payments How do you release yourself of liability with out signing over the title?

Check with the Secretary of State in your area to confirm you can be the lien holder for the vehicle. Assuming you can, simply sell the vehicle to the buyer, and list yourself as the lien holder on the title. It would be a good idea to utilize a contract to outline payments and if you require the buyer to maintain insurance on the bike until the lien is satisfied. Hope this helps. DealerOffices.com


If a person is making payments on a motorcycle when do they get the title?

About 2 weeks after you make the last payment.

People also asked