Revving Up: Navigating New Trouble with Car Titles
Download MP3In our sales meeting this week, a couple of our salespeople shared stories from clients who have encountered troubling scenarios related to vehicle titles. It's becoming increasingly common for people to purchase vehicles without proper titles.
Legal Implications: Buying a vehicle without a title is not recommended; in fact, in many states, it's illegal to sell or buy a vehicle without one. These laws are in place to protect consumers.
Red Flags: When you purchase a car, you should receive the title certificate simultaneously with the payment. If not, it's a red flag.
Risks: While it might not seem like a big risk for older vehicles, newer models can have complicated issues such as liens, salvage titles, or back taxes.
Case Studies: In one case, a buyer was told the seller didn't have the title because they were deported. However, it turned out there was a lien on the vehicle. Another buyer received a title but was denied registration because it was an old title; a newer one had been issued for a pawn loan. A seller claimed to have ownership rights post-divorce, but the vehicle was still titled in the ex-wife's name.
DMV Challenges: DMVs can't make legal determinations about documents like divorce decrees; they require court validation.
Options: If you've already purchased a vehicle without a title, you'll need to pursue avenues like a court order title or bonded title.
Risk Management: While most transactions without titles may eventually resolve, it's a risk. It's advised to purchase vehicles with legitimate titles to avoid potential legal and financial troubles down the road.
If you have questions or want to delve deeper into today's topics, visit at CarTitles.com for additional resources. Until next time, stay insured and stay informed!
Legal Implications: Buying a vehicle without a title is not recommended; in fact, in many states, it's illegal to sell or buy a vehicle without one. These laws are in place to protect consumers.
Red Flags: When you purchase a car, you should receive the title certificate simultaneously with the payment. If not, it's a red flag.
Risks: While it might not seem like a big risk for older vehicles, newer models can have complicated issues such as liens, salvage titles, or back taxes.
Case Studies: In one case, a buyer was told the seller didn't have the title because they were deported. However, it turned out there was a lien on the vehicle. Another buyer received a title but was denied registration because it was an old title; a newer one had been issued for a pawn loan. A seller claimed to have ownership rights post-divorce, but the vehicle was still titled in the ex-wife's name.
DMV Challenges: DMVs can't make legal determinations about documents like divorce decrees; they require court validation.
Options: If you've already purchased a vehicle without a title, you'll need to pursue avenues like a court order title or bonded title.
Risk Management: While most transactions without titles may eventually resolve, it's a risk. It's advised to purchase vehicles with legitimate titles to avoid potential legal and financial troubles down the road.
If you have questions or want to delve deeper into today's topics, visit at CarTitles.com for additional resources. Until next time, stay insured and stay informed!
