Don’t worry about not having the title on you
As long as the vehicle is in your name and it is free and clear and clear of any liens that is fine. We can go to the DMV and get a new title. The lender can then add themselves as the lien holder and you get your loan. We will handle all of the necessary paperwork.
What is a title?
A title is a legal document of ownership to a vehicle. There are two sections, the legal owner and the registered owner. When you own the vehicle outright you are both the legal owner and the registered owner. However, when you are financing a car or get a car title loan, the company providing you with the loan becomes the legal owner while you remain the registered owner.
Another term for legal owner is lien holder. The lender is putting a lien on the vehicle. When the lien is put on the vehicle it is no longer legally yours. It becomes the loan collateral. The lender has the right to repossess the vehicle if you default on your payments. The lender will then have to sell the vehicle, usually at an auction to recoup the remaining loan balance.
Once your loan as been paid off, the lender releases interest in the vehicle and you become the legal owner again.
Will a copy of my registration work?
No, a copy of your registration or a bill of sale will not act as a title. A lot of people get this confused but don’t fret. As long as the vehicle is in your name we will get a new title processed at the DMV.
What if the title is in somebody else name?
If the title to the vehicle is in somebody else name, they will have to release interest in the vehicle to you. They will have to consent to this and we will do the necessary paperwork to switch the vehicle into your name. We will then place ourselves as the lien holder and then give you your loan.