Hi, financing a car now, but I never recieved the title...just to make sure, does the DMV send the title to the creditunion/bank thats financing my car, or am I supposed to revieve it? Thanks guys.

 

You will not get the pink until your last payment is made to the finace company. Most of us dont have one so dont feel to bad.

 

bank keeps title....acutually nowadays its all electronic...called a paperless title....you are the registered owner on the paperwork but the bankis the legal owner.

once you pay off the car, you are then the legal owner. I used to work for a lienholder thats how I know this useless info.

 

Paperless title? Huh?

I just paid of the zed ( ) and got my title mailed to me from the bank. It's not actually pink but it's the title...on paper.

 

Sweet. Thanks for the info. folks! I was wondering whether the DMV just messed up and mailed my title to another house or something...Good to know that the bank should have it. I'll give em a call incase.

Atleast now I can stop expecting a title in the mail. Thanks again!

 

Depends on the bank...lienholders with up to date technology use paperless titles so they dont have track and keep abunch of original titles. it is paperless and uploaded into the the dv system and can be pulled by a MVR -Motor vehicle report. If a bank uses paperless, once the customer pays off the entire balance, the bank just notifies the dmv....the dmv then changes the legal owner in their system. If the owner request a paper title. they would have to fill outa a form called the reg227 and submitted to dmv....dmv will then process and mail the paper title to the customer...

some banks that do not have or use the new paperless titles...basically keep all original titles....once the customer pays off the car....the bank mails the paper title or certificate of title to the customer just signing off and releasing title to the customer. the customer still has to go to the dmv to get a new title issued with the lienholder off the title and the customer as registered and legal owner..

 

My job (Credit Union) still keeps the original Pink's from DMV in our storage room that has over 50 fire proof cabinets filled with loan docs & pinks. We are still behind the times as management is reluctant to go paperless. ....We mail the pink to the member once paid off and we also file all necessary DMV docs, so it saves you a trip to the DMV. Most C.U.'s do this as a courtesy.

Edgar (<- Just thought how much damage he can do with full access to pinks for high end vehicles )