Refinance - Title - question

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Sep 14, 2013 | 10:53 AM

jlong86

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From: Houston TX

Refinance - Title - question

Scenario: original loan with one bank when I purchased from the dealer; just refinanced with another bank; original bank gets paid off by refinanced bank and sends me the title of the car in the mail.

Should I forward to refinanced bank or just hang on to it. It doesn't make sense to me that they'd send it to me.

Thanks

Sep 14, 2013 | 10:59 AM

Steve_R

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From: Best Island in the U.S.

St. Jude Donor '12 thru '17

The new lienholder will want it.

Sep 14, 2013 | 11:00 AM

mcandrew67

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From: SOFLA

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Hold on to it, if the new bank wants it as the lien holder they will ask for it. Some states the bank doesn't hold the title.

Sep 14, 2013 | 11:24 AM

Tom45

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From: Buena Park CA

Quote:

Originally Posted by mcandrew67

Hold on to it, if the new bank wants it as the lien holder they will ask for it. Some states the bank doesn't hold the title.

Keep the title until they ask for it.

Sep 14, 2013 | 12:07 PM

florida john

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From: Clearwater Florida

Depends on the state. In my limited experience, some state's titles list the lienholder on the title, but lienholder does not hold the title.

Sep 14, 2013 | 02:33 PM

budgreen3564

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From: McKinney, texas DPD Sergeant

Quote:

Originally Posted by mcandrew67

Hold on to it, if the new bank wants it as the lien holder they will ask for it. Some states the bank doesn't hold the title.

They do in Texas.

Sep 14, 2013 | 03:29 PM

psp6158

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From: carlisle pa

Read over your loan application, they will want the title since they own it, it will be in their name... I would expect you will receive a letter from them very soon.