Car purchase
If I have purchased a vehicle, signed all the necessary paper work and the car dealershio has cashed my down payment check and it has cleared. Now they want to say that the company financing the car wants copies of my last 3 bankstates to see my deposits. I have sent the part with the deposits but it is still not enough.
My question is this if the papers are signed and they have deposited my down payment I am the legal owner of the car correct.
1 Answer from Attorneys
Re: Car purchase
Yes, you are the owner of the car. However, they hold your loan and they are the lienholder, which means they actually own the car and they can call in your loan if you do not comply with the requirements of the loan agreement. If you refuse to comply with their requests, they can and will repo the car.
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