Car Title Recieved Early
I recieved my car title before I payed it off. Does this mean I no long own on the car? Am I able to sell it? What would happen if I just stopped paying on it besides credit problems?
1 Answer from Attorneys
Re: Car Title Recieved Early
Since you received your title because of your creditor's clerical error, you still owe the remaining balance on your car. I would not advise you to sell your car or quit paying on it because your creditor would still be able to hold you liable on the debt. This error does happen occasionally, I have actually represented several creditors that mistakenly sent the title before the loan was paid off. As long as they have the records to prove you still owe the debt, they will prevail against you if they are forced to go to court to collect the debt.