|
|||
|
Hey there~This may sounds dumb, but I'm new to this kind of stuff, so help me out.I live in Illinois, and I got a new motorcycle a few months ago, with a loan from a bank, went through all the usual things, such as getting the registration, and paying my monthly installments until now, etc. I have no problem about that.So currently, the vehicle has lien on the title, it would seem, and because this is the first time that I had bought a vehicle with financing, I have no idea who gets to hold the actual title, I mean the document.Since I haven't seen the title until now, I have assumed the bank has the hold of it and is keeping the document somewhere in the bank, right? Is this a common thing by the way?Or should I see the document too? I mean in terms of a duplicate or a some other sort?Thank you.
|
|
|||
|
Yes, the bank who the loan is through gets the title. On the bottom of the title is says Lein held by, and the name of the bank. You dont get the title until the loan is paid in full. Until then they hold it as collateral for the loan.
|
![]() |
| Bookmarks |
| Thread Tools | |
|
|
Similar Threads for: Who has the title if it was financed through a bank?
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| how do you receive a copy of a title for a kawasaki kx80 dirt bike? | Paul H | KX | 2 | 01-19-2009 12:40 PM |
| Is getting financed by Honda and Yamaha easier than getting financed for a Harley? | oysterchowder2004 | Harley Davidson | 3 | 12-06-2008 05:02 PM |
| selling motorcycle when finance company still has title? | Aaron S | Motorcycle Financing | 1 | 12-04-2008 10:27 PM |
| title question | Alex H | Motorcycle Discussion | 9 | 02-27-2007 03:19 AM |
| Title Help | Party B | Motorcycle Discussion | 7 | 06-06-2006 12:23 PM |