Do all cars with Carloans have a lienholder? Is the owner (person who took out the loan) the first lienholder??
Question: I ask because I need a replacement title and their is a section for lienholder information . I know I have a car loan and the bank holds a lien on my car, in case I do not pay my loan. Do I fill out the banks information as lienholder information ?
Then below their is a statement If lienholder does not authorize the department to send title to the owner, the title will be mailed to the first lienholder
But who is first? Me the loan paying car owner or the bank I have the loan from?
Answers: The first lienholder is the finance company. Secondary liens can be brought against the vehicle to settle debts, such as unpaid car repairs done to the vehicle. In fact, if you have repairs done, you generally sign a contract promising to pay for repairs; that grants a lien against the vehicle until the debt is paid. You won't get posession of the title, usually, until all the liens are paid off.
If you have an outstanding loan, why do you need a duplicate title? You can't sell the vehicle unless the lien is paid off.
The bank is the lien holder. You are the buyer.
The bank is the lienholder. They own the car untill you pay it off.
If you have any type of loan on a vehicle, the bank with whom you have borrowed the money from is the lien holder. If you used more than one bank, say with a combination of loans ie: personal loans, then and only then would there be an additional lien holder.
Put the info from the bank you borrowed from in the lien holder portion of the document.
You are not a lien holder.
Your explanation is confusing, but understandably so. In the last sentence, it sounds like you've got a third party mixed into this.
If there are only two parties, you and the bank, then you already know the answer--the bank is the first lien holder.
If there's a third party involved in this, like you're buying the car on contract from someone who still has a bank loan, then still, the bank is the first (primary) lienholder. At least that's what I would assume. Call the bank if you're still not sure.
Privately funded loans might not file the paperwork to have a lien holder listed.
Financial institutions usually file the paperwork because it protects their investment as you can not sell the car without a release from all lien holders.
The first lien holder is simply the first to file the paperwork saying they have a financial interest in your car. It is very rare that you have a second lien holder. This is usually a result of being sued and someone tying up your assets until their judgment gets paid.
Then below their is a statement If lienholder does not authorize the department to send title to the owner, the title will be mailed to the first lienholder
But who is first? Me the loan paying car owner or the bank I have the loan from?
Answers: The first lienholder is the finance company. Secondary liens can be brought against the vehicle to settle debts, such as unpaid car repairs done to the vehicle. In fact, if you have repairs done, you generally sign a contract promising to pay for repairs; that grants a lien against the vehicle until the debt is paid. You won't get posession of the title, usually, until all the liens are paid off.
If you have an outstanding loan, why do you need a duplicate title? You can't sell the vehicle unless the lien is paid off.
The bank is the lien holder. You are the buyer.
The bank is the lienholder. They own the car untill you pay it off.
If you have any type of loan on a vehicle, the bank with whom you have borrowed the money from is the lien holder. If you used more than one bank, say with a combination of loans ie: personal loans, then and only then would there be an additional lien holder.
Put the info from the bank you borrowed from in the lien holder portion of the document.
You are not a lien holder.
Your explanation is confusing, but understandably so. In the last sentence, it sounds like you've got a third party mixed into this.
If there are only two parties, you and the bank, then you already know the answer--the bank is the first lien holder.
If there's a third party involved in this, like you're buying the car on contract from someone who still has a bank loan, then still, the bank is the first (primary) lienholder. At least that's what I would assume. Call the bank if you're still not sure.
Privately funded loans might not file the paperwork to have a lien holder listed.
Financial institutions usually file the paperwork because it protects their investment as you can not sell the car without a release from all lien holders.
The first lien holder is simply the first to file the paperwork saying they have a financial interest in your car. It is very rare that you have a second lien holder. This is usually a result of being sued and someone tying up your assets until their judgment gets paid.
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