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Just bought a car ( 08 Sonata in OH). The loan is in my husbands name ( better credit) but they put the title in his name only. ( we asked if they could put both of us and the sales guy said no)
I cant get the title in my name or be added until the lien is paid or can i do it with it on there?
This is the first time we have had this because normally we buy a car off craigslist.
I can’t imagine the lender would allow you on the title without being on the loan, and it sounds like it isn’t advantageous financially for you to be on the loan. If you were on the title, you could exercise your rights as the owner without being bound by contractual terms to the lender.
I can’t imagine the lender would allow you on the title without being on the loan, and it sounds like it isn’t advantageous financially for you to be on the loan. If you were on the title, you could exercise your rights as the owner without being bound by contractual terms to the lender.
If I'm on the title but not on the lien ..I'm not allowed to "exercise any owners rights". For example, I couldn't sell the car because as soon as I went to the title office, they'd see the lien and say NO.
You don't have the title, the finance company does. Once the car is paid off, you get the title. Then you can go to the highway department and get the title in your husband and your name. What has happened, you and hubby split and the car is in his name and you want to get rid of it?
You don't have the title, the finance company does. Once the car is paid off, you get the title. Then you can go to the highway department and get the title in your husband and your name. What has happened, you and hubby split and the car is in his name and you want to get rid of it?
I think in some states, although I don't know specifically of the OP's state, when you have a lien on the car, the borrower gets a copy of the title along with the lien holder. Not in any state I have lived in, however.
You don't have the title, the finance company does. Once the car is paid off, you get the title. Then you can go to the highway department and get the title in your husband and your name. What has happened, you and hubby split and the car is in his name and you want to get rid of it?
That varies by state. In MN for example, they would send the title to the owner, with a lien stamped on the title, something like "Lienholder: Wells Fargo NA." When you satisfied that lien you would be sent a lien release card (literally a post-it size card) that you were supposed to staple or clip to the title.
Quote:
Originally Posted by Ohky0815
If I'm on the title but not on the lien ..I'm not allowed to "exercise any owners rights". For example, I couldn't sell the car because as soon as I went to the title office, they'd see the lien and say NO.
Well...sort of. Think about worst case scenario: you get divorced and awarded the car in the settlement. Your now ex-husband might not pay for a car he doesn't possess anymore, and he's going to be a lot more likely to stiff the bank...My point is it could get messy and caught up in legal proceedings, etc...
Just bought a car ( 08 Sonata in OH). The loan is in my husbands name ( better credit) but they put the title in his name only. ( we asked if they could put both of us and the sales guy said no)
I cant get the title in my name or be added until the lien is paid or can i do it with it on there?
This is the first time we have had this because normally we buy a car off craigslist.
You bought an 08 Sonata? Meaning, a 2008 Hundai? Is that correct?
It sounds to me like the salesman just wanted to keep the paperwork simple. When I was married and we would borrow money to buy cars from time to time, and it was pretty common for just one name to be on the loan and both to be on the title just because it wasn't convenient for both of us to go to the bank. I've never lived in Ohio, though, so they may have that rule. I just don't know.
At any rate, I doubt that the bank is going to cooperate with turning loose of the title in order to add your name without some compelling reason, though. Like others here I'm curious as to why you want to do this, I really don't see any advantage to it.
You would have to refinance the lien and get your name on that to get on title.
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