Overhaulin'

I already have received the title to my car in my name. Can I get out of paying the loan?

I have a loan for a 2002 Jaguar. The dealer sent me the title directly and never once has my finance company contacted me about the title. The state records indicate a clean titile, in my name. I do not want to hurt my creidt, but can I get out of loan?

Public Comments

1. The probabilities are nil. They are not in business to lose money.
2. Of course, not. You bought it. You have to pay for it.
3. Although the car should be the collateral, you still signed a loan agreement. You need to pay the loan that you agreed to. The lender, needs to take up the title issue with the dealer.
4. No, the lender will definitely want to get paid and the result will be credit damage. Some state like Virginia do not release the title until the loan is paid while others mail the title directly to the owner.
5. No. Besides, you owe the money. Pay it. Intentionally withholding payment because you think you can get away with it is no different than stealing.
6. Even if your lender didn't attach a lien to the title, (which they may have), they can still come after you for the debt. Besides, ditching a creditor will really screw-up your credit history for years to come. Not a smart move.
7. No, even though you have the title, the loan has your signature and can be brought before a court. You can apply for another loan with another bank or financial institution in which to pay off the first one if the rates are too high.
8. Auto finance is what I do for a living and no you can not. Once you signed the loan documents and drove off the lot you took delivery of the vehicle and are required to pay as agreed. If you do not, it will show on your credit as a repossession for the next 7-years and ruin your credit.
9. the dealer filed the lien with your state then mailed you your title. If you signed a contract you owe the money.