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YES! Do not release the title of the vehicle until it is COMPLETELY paid off. Once they hold the title, they can stop paying and there is nothing you can do... legally.

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โˆ™ 2012-08-06 17:34:41
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Q: Should you keep title on car if someone is making payments on it to you?
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Related questions

If you are making payments to the bank for your car does the bank have your car title?

no,you should have title.


I bought a truck from someone and was making monthly payments. This person was not making payments to the bank. The truck is in the process of being reposed by the bank. Can I put a lien on the truck?

nothing you can do without a title in your name


If you are on the title with the primary buyer can you get the car and not make payments?

Either party ON THE TITLE is entitled to possession, but someone will HAVE to make payments or it will be repoed.


Can I put a lien on a car title I'm selling if the buyer is making payments to you?

You can if you listed yourself as the lien holder of the car at the time you transferred the title to the person making payments. If you did not do this at the time you transferred them the title, you can not legally do anything.


If the cosigner is on the title can they take vehicle if person is not making the payments?

Yes..... I did


Can you insure a car that you are paying payments on until its paid for from a private owner who holds the title?

I would insure any car that I was driving or making payments on. If you are on the title then you are an owner.


If a person is making payments on a motorcycle when do they get the title?

About 2 weeks after you make the last payment.


Would like to find out who has husban's truck title?

Then ask him? If he transferred the truck title to someone else, it's no longer his title. If he's still making payments on the truck, then it's the financier who holds the title. If he put the truck up as collateral for something, then they're the ones with the title.


How can a co-buyer take possession of a truck when the primary borrower is not making the payments?

When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.


How can you find out if the bank still owns your car if you never registered the car in your current state?

If you possess the title, then you own it. If you've been making the payments, you should know whether or not you've defaulted on them. If you haven't finished making the payments, the financier owns that vehicle.


Can a cosigner repossess a car if the primary borrower stops making payments?

No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.


If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?

Possibly. Contact an attorney for a definite answer.

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