Made 2 payments on a 5 year note on a car, was sent title today, can i stop paying on it?

WhatAmI?

Depending on your state, you only received a REGISTRATION certificate. You are simply the registered owner. You will find on the document the name of the LEGAL owner. The legal owner is the finance company to whom you are making payments.

If you do not make payments you will loose the car.

a very happily married woman

well if u notice when u look at the title REAL CAREFUL there will probably be a lein on the title which means that u ARE NOT the owner of that car. the person who's name is on that lein holds ownership of the car then after the final payment is made the lein is lifted and u are the owner. but u are NOT the owner until that lein is lifted. so if u decide to quit paying don't be surprised to see the tow truck in your driveway. good luck with all that. btw do u have any cars i can buy off of ya?

American Wildcat

Theoretically yes. But do you really want to do it? No. Why? Because, even though you have possession of the title, which makes you the owner of the car (provided the car doesn't show any lean on it) you still have an obligation to pay the loan that you signed for. The loan that you signed for is a contract between you and the financial institution for that particular period of time, and if you got the title it's because it was some one else's fault (they maybe new to their job and miss-filed the documents, such as the notice of lean, etc). Unfortunately, this doesn't let you run off with the car, because the ONLY reason the financial institution keeps the title is to avoid people not paying the note, but if you don't pay the note, regardless of whether you have possession of the title or not, they can report it on your credit report as a repossession even if you have the car AND the title.
So to sum up: yes you can stop paying for it. But on the other hand you will mess up you credit history with a huge dent (repo) for 7 years (5 years if you're in New York).
I hope this helps :)

Marriedwithboys

Under what values system could you possibly think stealing is O.K. if someone makes an error?

BBQ MASTER

it probably says that there is a lean on the title.

MiaDiva28

no they are supposed to send you the registration after you purchase the car. you havent paid it off so why would you think that?

Crazymom

Look at the name on the title. I can almost gaurantee it isn't yours.

sooners83

The title prob as a lean on it. If you stop paying you will get it repoed!

CowboyBill

Sure. How do you look in orange coveralls?

scififed

the title has the loan company as the owner. when you are done paying off the loan you can apply for a new title showing you are the new owner will cost about $20.00. if you do not pay the loan your car will be reposed and your credit will be ruined.

beez

That's between you and your conscience.

firehorsetwo

Sure. Miss two payments now, and you will miss your car.

smoke

The papers you signed when you borrowed the money should say what the money was for. The car was used for collateral on the loan, if you don't make the payments they can take the car.

Paul

SURE, you can stop, but you'll be sorry if you do.

SigmundS of Yew

island3girl

yeah if you want the car repoed.

denny

j-bird short for jailbird,you won't be driving your car were you're going

super.sweep

Say hello to my little friend, the REPO man!

Barry G

Look and see who the titles name is and if it has a lien on it. If they were so stupid to sign the title to you then I would say stop and consult a lawyer just to sure.

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