Hi, I need to know if I make a down payment of 20% and the rest is paid in 36 months. The car is put to my name at the time of the down payment, or at the end of the 36 months? Thanks
its in your name when you give them the 20% down..but wit a lien to the bank or whomever till paid off....
Then you'll receive the title with "encumbrance satisfied" stamped on it. That will tell motor vehicles, if you ever sell the vehicle, that it's paid off. This is done because the lender reports to motor vehicles that the vehicle has a lein (loan) against it but never reports when it's paid off. HTH. -Jim
Whenever you pay off the vehicle you will receive title in your name no lien holder
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