Who owns this car?
I paid 1/3 cash for a car, since I did not have a SSN in US (Live in Maryland) my friend is first on the loan and I am second. I am on the title (MD title), not my friend, but the bank is a bit further down as financer. Who owns when the loan is paid off in full if:
a)I pay the loan off myself
b)My friend pays off the loan
Thank you for any answers
/B
Thank you! Qestion solved (dont know how to give the question solved status..)
In the State of Maryland, there are two parts to the title. One is the title, which will show the lien holder information, the other is the "notice of security interest filing" which is sent to the lien holder (the bank or finance company). When the car is paid off, the notice of security interest filing paper is sent to the owner of the car.
In this case the car is titled in your name alone. Your friend co-signed the loan for you. The friend has no legal interest in the car, but they are liable to the bank in case you do not pay!
It does not matter who pays the loan off, you are the legal owner subject to the lien filed by the bank! When the lien is released, you have full ownership.
