Wiki User
∙ 15y agoContact the finance company and get a lien release from them. With that lien release you can have them removed from the title. You cannot get the lien release unless you have paid the loan off in full.
Wiki User
∙ 15y agoContact the finance company for that information.
You need to take the release form and the title to the DMV. They will issue you a new title without the finance company on it. They will NOT do this until / unless you have the signed title and a release from the finance company / legal owner. The process costs only a few dollars.
As long as the finance company holds the title, they effectively own the vehicle.
It depends on the particular finance company, and possibly state law. Some finance companies will only allow people that are on the finance contract to be put on the title, but some will allow other names on the title.
Go to the bank or finance company and tell them what you are doing. Don't give the seller any money untill you have worked it out with the finance company.
Maybe
Of Course! That's what the bank/finance company does!
you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............
Who ever is holding the title as collateral for a loan. The bank or finance company typically.
Sure. Have owner "order" title to local financing branch. Meet owner at bank, exchange funds and get title. Or, pay the owner amount over the payoff and pay bank or finance company the pay off. Get a power of attorney signed by the owner which will give you permission to sign their name on title. Most reputable car dealers can give additional info on title laws in your state
Anywhere between 30 days and 90 days. Usually the latter in most cases. If you are falling behind, talk to the finance company and explain the situation. If someone is upfront with them and discusses this early on, then some different arrangements might be able to be made. To the finance company, just stopping the payments without any explanation, means to them that you no longer want the car, so they will take it back, and you will lose all the money you have paid up to that point. Also, it's not "your" vehicle - you don't own it until the Lien is removed from the title. To own a car means you possess the title. The finance company owns the car until it is paid off.
Pay off the lien or have the current owner pay it off. In some states you must wait for the title from the finance company in order to properly register and insure the vehicle.