Clinton Quant: You don't have too if you don't want to but make sure to keep the title in a safe place and never loose it because if you do and you get a duplicate the DMV will send it to TOYOTA and not to you.... and for the registration you can keep it like that as long as you want.
Solomon Belback: Lien Holder On Car Registration
Raelene Cunnick: You might lose the signed title and be unable to sell the car without it. Pay the fee to have the DMV issue a new title and registration, so that their computer shows that there is no lien on the car and you can sell the car if something happens to your copy.
Booker Moros: Nope. And your analysis is wrong. In California, a dealer doesn't have to provide you with a smog certificate when selling a car. As soon as you registered the car, you became the sole party responsible for getting the car legally smogged. Your only opportunity to require a smog cert from the seller would have been BEFORE you registered th! e car. The lien holder is the lender which isn't necessarily the same guy you bought the car from. The bank doesn't really give a hoot if you think the car guy reneged on a deal. You signed a contract with the bank to borrow and pay back money, and very little in that particular contract is affected by the status of the car itself. If you are not paying the loan back, you are in arrears at best, but are probably (or about to be) in default. Under these conditions, even if they were to repossess the car, you are not absolved of the legal debt. If you don't pay back the loan, they can attempt to garnish your wages or sue you. At a minimum, I assure you, they will send bill collectors after you EVEN IF THEY REPOSSESS THE CAR. I'm willing to bet that your loan docs have in black and white very specific language with regards to default. I would not be surprised at all if is said they get the right to repossess the car and sue you to recover their money loaned to you and any othe! r expenses they incur trying to get their money back. As Bende! r 'Bending Unit' Rodriguez would say, you're boned dude....Show more
Timmy Bustard: It is in your best interest to have the lienholder removed from the record. There is a small fee, normally the lender pays for this transaction, however, not all do. It benefits you because the record will no longer show a lienholder, for credit purposes the record probably still shows Toyota as the lienholder and having the record show the account is paid in full and released will boost your credit rating. Legally, you also were required to get this transaction done two years ago. It's doubtful that you will pay a late fee for this, just something to keep in mind....Show more
Nedra Oltz: Just to clarify - I have the Title and the lienholder has signed it over. I'm just talking about the Car Registration.
Lilli Kochel: It may be different there but in Ohio the lein holders name will always be on the title if there was ever a lien on it while you owned it. After it is paid f! or they stamp it (right on the title) with a stamp that says the lien has been cancled and then it is signed, notorized, and sent to the owner. If you do not have anything showing it has been paid off I would get it corrected asap.*Thanks for the update, sorry I misunderstood. The lienholder is never on the registration here (unless its a lease since they still really own the car) so I just assumed by registration you were talking about the title. If it were me I would not want the lienholders name on it and would have it changed....Show more
Caterina Yeargan: Also, my Credit Report shows account closed and paid off in full. No problems there. Once again, I'm talking only about the Car Registration.
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