- A car title is a legal document that states who owns a vehicle.
It is issued by the Department of Motor Vehicles (DMV) and contains information such as the vehicle's make, model, year, VIN number, and the name and address of the registered owner.
- Ownership of a car, on the other hand, refers to the legal right to possess, use, and enjoy the car.
While the person listed on the car title is usually the owner of the car, there can be situations where someone other than the person on the title may have ownership rights.
For example, a person may purchase a car and make all the payments, but the car may still be in the name of the dealer or lender until the loan is paid off.
In this case, the person who made the payments would be considered the owner of the car, even though their name is not on the title.
If you have the car title but the car is not paid off, it means that you have legal ownership of the car, but there is still a lien on the car that needs to be satisfied before you can sell or transfer ownership of the car.
Here are a few things to keep in mind if you have the car title but the car is not paid off:
- The lender has a security interest in the car. This means that they have the right to repossess the car if you default on your loan payments.
- You cannot sell or transfer ownership of the car without the lender's permission.
If you try to sell or transfer the car without the lender's permission, the lender can take legal action against you.
- You may be able to refinance the car loan. If you are struggling to make your loan payments, you may be able to refinance the loan with a different lender. This may give you a lower interest rate and make your payments more affordable.
If you have any questions about your car title or your loan, you should contact the lender or the DMV.
