Overhaulin'

If I am paying off a car loan does the bank have the car title?

I have looked everywhere I can't find the car title.... Did I never get it? Does the bank hold on to it until I pay off the loan? Sorry I am new to this.. Thanks

Public Comments

1. Yes the bank hold the title, Good Luck..
2. Yes, the lender keeps the title. When you finish paying off your loan, the lender will send you the title of the car and you will have to register it in your name with the payoff proof which is usually a letter. Good Luck!
3. It might really save you some money to just get an auto loan estimate on the web to check out what the going rates are. You might be totally suprised. Also if your credit is not good, a lot of them are more willing to help people. What I always tell friends is that an online quote at http://auto.lowratetoday.com is a no brainer.
4. Most likely your lender has the title. Once you pay off the loan then it is released to you, and then they would mail you the title.
5. That's the way it is. The bank owns the car till you pay it off, so, they've got the title. They'll send it to you when you've made the last payment. Sometimes, if the bank knows you well, which may be the case in small towns, they'll send it to you when you have only two or three payments left, depending on the size of your payments, but, they're just protecting their investment. It's their car, till it's paid for. God Bless you. I've bookmarked this site to go back to next time I need a loan... http://www.knowledged.info/go.php?link=auto Good luck