I know every state is different, but here if you don't have physical possesion of the title,you can't really trade or sell it.

Could you or Sis just hold on to it?

quote:

Originally posted by Loaded Round:
I know every state is different, but here if you don't have physical possesion of the title,you can't really trade or sell it.

Could you or Sis just hold on to it?

The problem with that scenario. Duplicate title. As the registered owner she can request a replacement title for a "lost" one. Even if she does not think of that, the car dealer can do a registration check and find out that the car is in her name only and no lien. All that has to be done is for him to fill out a one or two papers and "no problem that you can't find your title, sign here and we'll get a duplicate" and she has a trade in and a new car.

What are the possible downsides of just not paying off the car for her?

The downside is that she can still trade in the car, all the dealer does is get a pay off amount from the lienholder, pay it and roll the pay off amount in the new car deal. Only her name on the title she can do as she pleases unless there is another party on the title separated by the word "and", that requires both named persons to sign off while the word "or" allows either party to act independently from the other. At least that is what I was told a long time ago when being taught how to sell cars in a dealership.

quote:

Originally posted by shovelhead:

quote:

Originally posted by Loaded Round:
I know every state is different, but here if you don't have physical possesion of the title,you can't really trade or sell it.

Could you or Sis just hold on to it?

The problem with that scenario. Duplicate title. As the registered owner she can request a replacement title for a "lost" one. Even if she does not think of that, the car dealer can do a registration check and find out that the car is in her name only and no lien. All that has to be done is for him to fill out a one or two papers and "no problem that you can't find your title, sign here and we'll get a duplicate" and she has a trade in and a new car.

You are correct. Might slow her down a bit?