stupid question time!

spiritme · Post by **spiritme** » 03-10-2007 06:19 PM

Stupid question time!
please don't laugh....
Is a retitle on a car the same thing as refinance?
ok.............u can laugh now!:)

Shirleypal · Post by **Shirleypal** » 03-10-2007 06:43 PM

If you hadn't said don't laugh I wouldn't have laughed, I am assuming to retitle something such as a car you are changing ownership or taking someone else's name off that title, nothing to do with finance unless that person is responsible for a loan on that car, in that case the finance company really owns the car until it is paid off, not clear what you are asking??

Shirleypal · Post by **Shirleypal** » 03-10-2007 06:49 PM

spiritme, if you are taking another persons name off of the title and when you get a new title don't forget to put gift where appropriate so you do not have to pay Michigan sales tax if it is a family member. The other person has to sign off also.

Shimmering Auro · Post by **Shimmering Auro** » 03-10-2007 07:12 PM

An unscrupulous car dealer can purchase damaged vehicles, bring them to states which do not have strict regulations regarding re-title, patch the vehicles up and sell them for much higher profit.

Re-titling a vehicle renders an 'original' title search impossible. Services like carfax cannot aid potential buyers with searching for information on the vehicle's history.

It is my unerstanding this is a used car dealer's dream, a scam.

Hope this helps.

Barbie · Post by **Barbie** » 03-10-2007 08:36 PM

And also ... many times cars that are "junked" because they are deemed a Total Loss in one state are purchased and taken to a different state, and the front half of one is attached to the back half of another. These are NOT safe to drive, no matter how perfect they look, because the frame is not reinforced to be stable. The only way to know if there's been severe damage and repair is to take the vehicle to a reputable service place and get it up on a hoist, and have it inspected by someone with proper credentials - an independent claims adjuster, for one. You wouldn't believe how many jerks re-sell cars in perfect-looking condition that have been re-welded together! All it takes is one medium impact accident, and you can DIE. Be very careful what you buy.

Shimmering Auro · Post by **Shimmering Auro** » 03-10-2007 08:46 PM

Excellent post, Barbie.

A fairly accurate way to get a grasp on a used vehicle's history would be to bring the vehicle to a reputable shop. Have a certified technician read the vehicle's computer. You'd be surprised to learn how much information (vehicle history) is stored right there for anyone to see. Things such as engine malfunction, airbag deployment history, etc.

Psychicwolf · Post by **Psychicwolf** » 03-10-2007 09:22 PM

Shimmering Auro wrote: An unscrupulous car dealer can purchase damaged vehicles, bring them to states which do not have strict regulations regarding re-title, patch the vehicles up and sell them for much higher profit.

Re-titling a vehicle renders an 'original' title search impossible. Services like carfax cannot aid potential buyers with searching for information on the vehicle's history.

It is my unerstanding this is a used car dealer's dream, a scam.

Hope this helps.

Alot of scoundrels did this with cars salvaged after Katrina.

IvyQ · Post by **IvyQ** » 03-10-2007 09:54 PM

Psychicwolf wrote: Alot of scoundrels did this with cars salvaged after Katrina.

last year when i was looking for a car for my niece, we ran across several dealerships in our area that were reselling Katrina cars. thank goodness i signed up with CarFax or else we wouldn't have known.

rev6 8 · Post by **rev6 8** » 03-13-2007 10:01 PM

OK Spiritme, here's the skinny. If you buy a car from an individual or a used dealer you get a copy of the title from them which you both fill out and sign showing that you purchaced the vehicle for a certain price and how much you paid in taxes on it.
You then are obligated to take that title to the bmv/dmv and apply for a "Title Reasignment" putting the title in your name as the primary owner of the vehicle.
If you are purchacing from a dealer (new or used) and will be making monthly payments you still have to get a reasignment but it will show the car dealer as 1st leinholder on the vehicle until it is payed off, the the dealer will send a form to the dmv releasing their lein on the vehicle and giving you free and clear ownership of the vehicle. Hense the term "clear title".
Once the title is cleared the bmv/dmv should send you a new title in the mail within 6-8 weeks in your name showing no leins.
Hope this answers your question to some extent.