Car Titles

Need info on Car titles and lien holders?

I had my vehicle refinanced a few weeks ago and the contract was signed and completed. A few weeks later my old finance company mailed and signed and released the car title to me. What happens in this kind of situation. There is still a balance on the vehicle. Any suggestions

Public Comments

1. Since the former finance company was paid off, they did as they should have done, and did a lien release. You still owe the balance to the new finance company, who may or may not want to hold the title. Contact them, tell you have the title, and ask what they need to do. No, you can't decide "I have the title, the car is mine." and quit making payments on it when you owe a balance.
2. A new title must be perfected for the new lien holder. On the back of the title under lien holder; enter the new lien holders address and mail it to the new lien holder. If you do it, the cost is $15 or $ 17. Let the bank do it. After the bank send the title to DMV, you should also receive a new registrations showing the new lien holder.