Quick question for Californians.

[Muenkel 0]

This is in regard to an auto title. If a car in Ca. is financed (not leased), do you keep possession of the title or is it held by the finance company? If you do have possession of the title, is your name on it or does it have the finance companies name on it or both? Can you transfer the title to someone else if there is a lien on it?

Thanks,
Chris

_________________________________________
Chris

[quade 4]

In California, the title is held by the finance company UNTIL you make the final payment, at which point they are compelled to send it to you by law.

I don't know if you can simply transfer your relationship with the finance company over to someone else or if that requires some other, more complex, finagling.

quade -
The World's Most Boring Skydiver

[Muenkel 0]

So, if the title is in the seller's name, I can assume there is no lien on it?

_________________________________________
Chris

[quade 4]

Quote

So, if the title is in the seller's name, I can assume there is no lien on it?

I wouldn't assume anything! Engage the services of a title search company.

Heck if the guy had repairs done and owed money for them it -might- belong more to the repair shop than the owner listed on the paper.

http://en.wikipedia.org/wiki/Mechanics_lien

quade -
The World's Most Boring Skydiver

[Muenkel 0]

Point taken.

I have done a couple searches on the VIN# and everything came up clean. I also had my local sheriff run the VIN # and it came up that it is not a stolen vehicle.

If I make the purchase, my money would be held in escrow for 5 days beginning when I sign for delivery. I will then have the title. I'm trying to make sure that if the seller's name is on the title, I would have no problem registering, insuring and getting my own title.

_________________________________________
Chris

[grimmie 186]

AAA can search the title.

[Muenkel 0]

grimmie,

Bear with my naivete for a moment. Do I go to the general AAA website and search 'title history'? Would that info give me the name on the title?

_________________________________________
Chris

[airtwardo 7]

http://www.is-it-a-lemon.com/vehicle_history/vehicle_title_search.htm

~ If you choke a Smurf, what color does it turn? ~

[MakeItHappen 15]

Quote

Point taken.

I have done a couple searches on the VIN# and everything came up clean. I also had my local sheriff run the VIN # and it came up that it is not a stolen vehicle.

If I make the purchase, my money would be held in escrow for 5 days beginning when I sign for delivery. I will then have the title. I'm trying to make sure that if the seller's name is on the title, I would have no problem registering, insuring and getting my own title.

Liens are noted on the title even when the seller's name is on the title.
When the lien is removed a new title is issued.

Make sure it is not a salvaged car. That is marked on the title. You won't be able to get insurance on that type of vehicle.

You should also get a bill of sale. That is used so CA can charge you sales tax when you register.

The last truck I bought, I bought from the owner. He had a lien on it. I cut him a check and took the truck home. He signed his title that showed the lien.
My bank called me and asked if I had written a big fat check. I said yes. He paid off his lender, but it was more than 4 weeks before they sent me a new title. I called his lender and he had paid it off within days of the sale ~ the time it took his check to clear his lender.

Also be aware that you might get a double whammy on the smog check. You need one whenever the vehicle changes hands. Then depending upon the amount of time between the sale and when registration is due, you will have to get a second smog check.

.

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Make It Happen
Parachute History
DiveMaker

[pBASEtobe 0]

The finance company has the title. The title will be in the buyers name with a lien on it.

I went through this recently. We paid off my wife's car, they sent us the title, we sent the title to the DMV to have the lien removed. It cost us $10 or $15.

I think you can transfer the title to someone else if there is a lien on it but the lien will remain (this part I have no experience with).

[lawrocket 3]

The title is held by the finance company. Once the note is paid off, the finance company transfers title to the owner, and the DMV transmits that title, in the owner's name.

If there is a lien, you cannot transfer title, since you don't have title. The bank does.

If you receive title to a vehicle, there are procedures you should follow. The vehicle should be immediately registered to you and a California Bill of sale form should be completed (on the dmv website).

My wife is hotter than your wife.

[Muenkel 0]

Thanks everyone for your info. It is much appreciated. You folks are better than Google...but poorer.

_________________________________________
Chris