Title question

[Anonymous]

My car has a loan on it. I'm looking for the title but I can't find it. Are you supposed to get a title before it's paid off or could my lender have it, perhaps?

[Anonymous]

You will get the title mailed to you when you pay off the car.

[Anonymous]

You should still have a title with the finance company listed as a lien holder.

[Anonymous]

whenever I had a car loan, the title company kept hold of the title until it was paid off. at which point it was sent to me. Noted that it was paid off

[Anonymous]

Loan company has the title because technically they own the car until you pay for it. You will get it when you clear the loan.

[Anonymous]

Varies by state. Where do you live?

[Anonymous]

Anonymous wrote:Loan company has the title because technically they own the car until you pay for it. You will get it when you clear the loan.

I wish people would stop saying things like this. Folks, the bank doesn't own your car, the bank doesn't own your house...technically or otherwise. There is a big difference between an owner and a lien holder.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Loan company has the title because technically they own the car until you pay for it. You will get it when you clear the loan.

I wish people would stop saying things like this. Folks, the bank doesn't own your car, the bank doesn't own your house...technically or otherwise. There is a big difference between an owner and a lien holder.

Thank you for being the voice of reason.

[Anonymous]

Anonymous wrote:Varies by state. Where do you live?

This. In Virginia, the lien holder keeps the title until paid off. In Maryland you hold the title and they hold a certificate that they mail you when it's paid off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Varies by state. Where do you live?

This. In Virginia, the lien holder keeps the title until paid off. In Maryland you hold the title and they hold a certificate that they mail you when it's paid off.

NP in MD. I’ve torn the house apart looking for my car title. I have an official-looking document from the DC-based credit union that terminated the security interest when I paid off the loan, but it says in big letters that “THIS IS NOT A TITLE.” Am I missing something? I’ve gone ahead and ordered a duplicate title from MVA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Varies by state. Where do you live?

This. In Virginia, the lien holder keeps the title until paid off. In Maryland you hold the title and they hold a certificate that they mail you when it's paid off.

NP in MD. I’ve torn the house apart looking for my car title. I have an official-looking document from the DC-based credit union that terminated the security interest when I paid off the loan, but it says in big letters that “THIS IS NOT A TITLE.” Am I missing something? I’ve gone ahead and ordered a duplicate title from MVA.

http://www.mva.maryland.gov/about-mva/info/27300/27300-18T.htm
If you do not have your Maryland title, you may submit a completed Application for Duplicate Title (VR-018) along with the lien release and required fee for the duplicate title to obtain a "clear" title.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Varies by state. Where do you live?

This. In Virginia, the lien holder keeps the title until paid off. In Maryland you hold the title and they hold a certificate that they mail you when it's paid off.

NP in MD. I’ve torn the house apart looking for my car title. I have an official-looking document from the DC-based credit union that terminated the security interest when I paid off the loan, but it says in big letters that “THIS IS NOT A TITLE.” Am I missing something? I’ve gone ahead and ordered a duplicate title from MVA.

http://www.mva.maryland.gov/about-mva/info/27300/27300-18T.htm
If you do not have your Maryland title, you may submit a completed Application for Duplicate Title (VR-018) along with the lien release and required fee for the duplicate title to obtain a "clear" title.

I said I did that in my post.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Varies by state. Where do you live?

This. In Virginia, the lien holder keeps the title until paid off. In Maryland you hold the title and they hold a certificate that they mail you when it's paid off.

NP in MD. I’ve torn the house apart looking for my car title. I have an official-looking document from the DC-based credit union that terminated the security interest when I paid off the loan, but it says in big letters that “THIS IS NOT A TITLE.” Am I missing something? I’ve gone ahead and ordered a duplicate title from MVA.

http://www.mva.maryland.gov/about-mva/info/27300/27300-18T.htm
If you do not have your Maryland title, you may submit a completed Application for Duplicate Title (VR-018) along with the lien release and required fee for the duplicate title to obtain a "clear" title.

I said I did that in my post.

Actually, you didn't say you sent in the lien release.

[Anonymous]

You will need to have your car paid in full before you receive the pink slip.

Until then, your car basically belongs to the bank.
It is not technically all yours because a lien is on it.

That is why financed vehicles need to be fully insured until paid off.