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.
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.
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.
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