Do I have to legally pay off my car loan if the dealer sent me the title?
Written By: admin on December 22, 2009
9 Comments
I bought a used car from a dealership and got financing through the bank. 2 weeks after signing all of the papers and paying my down payment I received the vehicle’s title in the mail.
I was just wondering if I had to end paying off the car loan even though the bank does not have the title.
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The dealership obviously sent you the title so you can transfer it into your name. Go do it. If you don’t pay, the bank will repo the car and make the dealership buy it back.
Try it and see what happens. They have you by the b*lls on this one. No judge in the world will rule in your favor because of a misprint on the paper work. Then it will go on your credit report for the next several years.
TERRIBLE THOUGHT. Just pay what you know you owe.
Yes. Title should show a lien holder (the bank). If not, you still owe the bank the money, they will gladly ruin your credit if you don’t pay.
Yes you must repay the loan even if you hold the title.
Your bank is stupid for sending you the title before the vehicle is paid off. I’d talk to an attorney and see what they say, because if you have the title you can legally sell it and profit unless you’re upsidedown in your trade.
Your credit score will die. For sure.
They might repossess the vehicle too.
Certainly not a smart thing to do.
pay very close attention to the middle of the title. There will be a section that states the "lein holder" This would be the bank or whomever loaned you the money to buy the car.
Just because you have the title doesn’t mean you own it.
Sorry.
they probably sent you the title so you could get your car plated. but I’m sure if you look on the title somewhere there is a place that has a lean. also the bank which would hold the lean will make sure you pay.
In some states, the lender doesn’t hold the title, but it listed as the lienholder of record. It’s also possible the lender screwed up and sent you the title by mistake. Yes, you signed a contract and have to keep making payments. You could alsways call the lender and question them.