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SVTPerformance's Chain of Restaurants
Road Side Pub
Bought a car, guy wont ship title??
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<blockquote data-quote="PSUCOBRA96" data-source="post: 10894885" data-attributes="member: 54826"><p>Stop giving bad information.</p><p></p><p>The bank has a lien on a vehicle for collateral purposes. The person who holds that car/titled in their name still owns the vehicle and has the power to transfer the vehicle, but that wont be approved by the DMV until the lien is lifted from the vehicle's title. When the lien is paid off it goes to the owner unless someone else has purchased the lien from the bank and now holds it as collateral. On the reverse side of a title you would notice multiple sections of information needed for the buyer and seller/signature requirements that must be filled out for insurance purposes as well as for taxes on the purchase, registration and re-titling.</p></blockquote><p></p>
[QUOTE="PSUCOBRA96, post: 10894885, member: 54826"] Stop giving bad information. The bank has a lien on a vehicle for collateral purposes. The person who holds that car/titled in their name still owns the vehicle and has the power to transfer the vehicle, but that wont be approved by the DMV until the lien is lifted from the vehicle's title. When the lien is paid off it goes to the owner unless someone else has purchased the lien from the bank and now holds it as collateral. On the reverse side of a title you would notice multiple sections of information needed for the buyer and seller/signature requirements that must be filled out for insurance purposes as well as for taxes on the purchase, registration and re-titling. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Bought a car, guy wont ship title??
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