i got rear ended last night

[sv2007]

The bank owns the car and holds the title until the loan is paid off. I'm very surprised the insurance skipped over the bank with the claim check.

I've never financed a car.
I thought it is like a house with mortgage, i.e. you are the owner.

How do you sell it before paying off?

[greenskeeper]

I've never financed a car.
I thought it is like a house with mortgage, i.e. you are the owner.

How do you sell it before paying off?

If you have a mortgage you aren't the owner either. The bank holds the deed and is recorded at the clerks office.

If you are trying to sell a car with a note you need to have the funds to pay off the note prior to selling. Most people will meet at the bank to do the transaction and get the title released to the new owner.

If you are trading in a car with a note it's a different story as the dealership handles the whole transaction.

You aren't the owner until you have the deed, title, etc in your possession.

[sv2007]

If you have a mortgage you aren't the owner either. The bank holds the deed and is recorded at the clerks office.

If you are trying to sell a car with a note you need to have the funds to pay off the note prior to selling. Most people will meet at the bank to do the transaction and get the title released to the new owner.

If you are trading in a car with a note it's a different story as the dealership handles the whole transaction.

You aren't the owner until you have the deed, title, etc in your possession.

I have no experience with cars, but I can tell you that in real estate you will be the owner.

Check your title; it will say so. If you have a mortgage, there's an encumbrance on the title, but you are the real/legal owner.

A deed is not the same as title. Nobody really holds any deeds, it's more to convey the transfer of the property.

Maybe I'll do a check on cars, it's a pretty significant purchase for most so maybe somebody else who's done the financing can chime in. So, if you finance the car, do you not get the title/ is the bank name on the title/ or is it dual ownership of you and the bank? Wouldn't the bank get into trouble if you crash the car when they legally is the own and you aren't? Hmm, it is interesting. I should look into it.

[97guns]

just git a call from allstate and everything is finalized now, the person behind me did not have coverage but allstate is covering me with no strike against my policy hecause they found me 100% not at fault. im getting the $2300 for repairs and $1000 for a black and blue spot on my collar bone, i have to sign a release for injuries.bi told the adjuster the black and blue is gone and didnt need to see a doctor, i think their only concern is me signing off for any future injuries

[97guns]

I don't know what the deal is with this car but I was involved in another fender bender and several other close calls. This most recent was in a parking lot where I was waiting at a stop sign and an SUV starts up and immediately reversed out of his stall and into my front bumper.

Just got finalized this morning with a $1400 check en route and a cost of $300 to repair via a mobile body man from Craigslist nets $1100 to my pocket

Maybe it's a good luck car rather than bad, it's paid me off $3500 in 9 months

[rennigade]

Maybe it's a good luck car rather than bad, it's paid me off $3500 in 9 months

if you were smart you'd set aside that $3500 into an EF...that way you wont have to worry about $1000 deductible like before. but i doubt thatll happen

[Nutria]

if you were smart you'd set aside that $3500 into an EF...that way you wont have to worry about $1000 deductible like before. but i doubt thatll happen

What makes you think that a guy with 1,200+ posts in these fora doesn't already have an EF???

(Just because he's worried that he'll have to pay it doesn't mean he doesn't have the money. Just that he doesn't want to have to pay the money.)

[rennigade]

What makes you think that a guy with 1,200+ posts in these fora doesn't already have an EF???

(Just because he's worried that he'll have to pay it doesn't mean he doesn't have the money. Just that he doesn't want to have to pay the money.)

You're new here so ill give you the cliff notes. He's repeatedly said he spends every penny he earns. Since he has rentals and the monthly payments keep coming he keeps spending. Its come up in multiple posts over the years.

[97guns]

Maybe I should add that to my signature.... or just let you run around town spreading my propaganda

[LivingAlmostLarge]

That sort of car would drive me nuts even if it made me money.