[DeTomaso] Another inquiry......... talk to me about car titles please.

[Jim Gray]

In most states you have a limited time to transfer the title to your name.  
Until you do, you don't own the car.  You can insure it but you don't own it.

Just my experience with a shady dealer who took some 6-8 months to ever get me 
the title.  The reason? he still had a "floor plan" type loan against it.  He 
was doing this all the time for operating capital.  When the bank failed all 
these missing vehicles which the bank had loans on all came to light. He spent 
some time as guest of the Federal Gov't.  He never expected the bank to fail!

Jim Gray

 



________________________________
From: Asa Jay Laughton <asajay at asajay.com>
To: detomaso at realbig.com
Sent: Thu, July 8, 2010 2:47:21 PM
Subject: Re: [DeTomaso] Another inquiry......... talk to me about car titles 
please.

I had to title it in CA first, then in my home state.  The bank still  
kept the title, but I had no hassles from my them.  The only hassle  
was that I couldn't get it licensed to -drive- it home, without first  
doing a title transfer in CA. (It was a CA car that had not been  
registered in years).  The title however wa still in the owners name.

-That- is probably more the issue, that the present owner does not  
have clear title to the vehicle if they -never- transferred the title.  
  So the bank is probably being cautious.  They wouldn't want to  
finance a car that ended up being stolen.

Asa Jay

Quoting Dee Hart <qqpursuit at gmail.com>:

> This what I think I know................OK a guy in Jersey buys a pantera
> from (Pro Auto sales) Penn.  The Jersey guy puts it in the garage and never
> registers or Titles the car in the Jersey guys name.  Now the Jersey guy
> wants to sell it.    An out of state buyer comes a long and would probably
> want to buy the car but would prefer to finance the car.  The finance
> company says no, because the car is not Currently titled.        Is that
> customary for a finance company to make that requirement?  Does the out
> of state buyer simply get a copy of the title that I guess would be in Pro
> Auto Sales name and show it to the Finance company?            Or maybe the
> out of state buyer simply gets a home equity loan and goes that route, and
> screw that finance company?
>
> Curious.................... Doug.H
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