[DeTomaso] FW: More Calif Smog Checks

[Asa Jay Laughton]

I don't mean to disagree, however as I recall, in the case of my 
Pantera, the Bank actually was listed as the owner on the title.  After 
it was paid off, they sent us the title, with appropriate paperwork to 
submit to the state of Washington so we could then get the title 
re-titled in our name and not the banks name.  Maybe it's different in 
different states.  Our bank was in Texas, our car was in Washington.

Asa Jay

Asa Jay Laughton, MSgt, USAFR, Retired

& Shelley Marie
Spokane, WA

1973 Pantera L 5533
[ASASCAT]
    
******************************     
http://www.asajay.com
http://www.351c.info
  



Dan Mixon wrote:
>> I'm not sure about California but the states I've lived in the tile of the
>> car is held by the finance company until the car is paid for.  I maybe
>>     
> wrong
>
>   
>> but isn't the tile holder the actual owner of the car.
>>     
>
>  
>
> No. When you buy a car and finance it, you agree to certain terms (finance
> contract). The title is in your name but it is held by the finance company.
> The finance company doesn't own the car, you are the owner of the car. The
> contract with the finance company gives them certain rights regarding the
> car. If you quit paying, they get to come and take the car. They then have
> the right to sell the car. If they sell it for less than you owe, you are
> still legally required to pay the difference. When you pay off the loan, the
> finance company stamps the lien is paid and sends the title to you.
>
>  
>
> In the case of the California rice racers, it wouldn't matter if there is a
> lien. The state has the right to take the car from the racer because of
> illegal activities involving the car (stolen parts and street racing, maybe
> grand theft auto to get the parts). If there is a lien against the car,
> that's between the owner and finance company, not the state and the finance
> company. 
>
>  
>
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