🚀 go-pugleaf

levine@liege.ics.uci.edu (David Levine) writes:
: Russ Poffenberger writes:
: 
: >levine@liege.ics.uci.edu (David Levine) writes:
: 
: >In EVERY case, they retained the actual physical title of the car. They would
: >sign and return it to me when the loan was paid off. Any institution that did
: >not do this is asking for trouble.
: 
: Agreed.  That doesn't mean that it doesn't happen, though.

Why would they be asking for trouble? They would be listed on the title as
lienholder - the automobile cannot be sold with either 1) satisfying the
lien or 2) getting the permission of the creditor to transfer the debt.

: >: >Typically, when a loan on a car is paid off, you must go to the DMV within
: >: >a certain amount of time and have the title transferred.
: >:
: >: Source, please?  I've never heard of this.
: 
: >The CVC states that any change of title or ownership must be registered with
: >the DMV. I don't know the actual section. Maybe someone on the net can look
: >it up.
: 
: I can't find it in the CVC or the DMV handbook.  I asked a local DMV
: representative:  she said that this is not required by law.

Correct. However, this varies from state to state. In Oregon, I believe you
have 90 days to re-register an out of state vehicle. I don't know what is
required for a change of ownership. It would be foolish to not reregister.

Bill