interest conversation ( car title relate )

[MetalSlug]

I was shopping today, I heard this lady talking on a phone, something about, she bought a car from this dealer , but the dealer is went out business, she dont know if she ever can get title from it.

Im kinda want to know what happens if you bought a car from a dealer, then dealer went out off business, it mean you dont have to pay monthly any more ? or will ever get a title ?

 

[hattaresguy]

It was from a buy here pay here lot. The solution is to not bottom feed from them.

 

[97tbird]

That's sad to read (After deciphering a bit

)

 

[MetalSlug]

lol , I dont know how that will turn out any good. There must be some company still collecting payment and release the title once payment is complete ?

 

[KrisZ]

Originally Posted By: MetalSlug
lol , I dont know how that will turn out any good. There must be some company still collecting payment and release the title once payment is complete ?


That company is called a bank. They hold the note and the title.

 

[MetalSlug]

yea I figure that was the bank.

 

[Rand]

if it is a buy here pay here place would it be a bank?

 

[Chris142]

Originally Posted By: Rand
if it is a buy here pay here place would it be a bank?
no they hold the title until its paid off. often they repo the same cars over and over as people that cant get a real loan cant afford a car anyway.

 

[MetalSlug]

Originally Posted By: Rand
if it is a buy here pay here place would it be a bank?


good question, what if that buy here pay here is out off business and they still holding the title ?

 

[ironman_gq]

I know when I bought my vehicle I got a title that named the dealer as well as the bank I got my loan from as the lien holder. When I paid it off I got a lien release from the bank which gives me ownership of the title free and clear. Not sure how the rinky dink dealers do it though.

 

[eljefino]

Dealers in my state at least have to hold a bond. If they do banking activity I would expect more protections.

The thing to do is to keep mailing payments per your contract until told to do otherwise. When you get the checks back you can figure out who's cashing them. If a mailed payment gets returned unopened I'd bring it to court and ask them to declare the car "owned".