Quote:
Originally Posted by ZED SLED
Not true. NY is not a title holding state. When I lived there I had cars financed and I held the title, however the lienholder is listed on it so you can't sell the car without a release of lien document from the lienholder. So, while you hold the actual title, it is not a clean title.
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Interesting that the lender wouldn't hold the title since it's collateral for the loan... I wonder how unique this is?
In the end, I guess it doesn't really matter since you either need the title AND a release of lien letter, or a title that shows no lien in order to transfer ownership to another party.