Quote:
Originally Posted by 350 SIX
That's the point, the asset is not owned by "only" someone else and if your car is financed it is not yet owned by you in the eyes of the law. Hence said ownership (title) has a lien holder. Same as your house, it's just not mobile, the bank knows where the collateral is located.
|
That is totally and completely wrong. The lender only holds a lien position, both for a car or a home, they have no other rights - period. When you buy a house and put a measly 5% down and your lender puts down the other 95%, you say you own your house right? Yes. That’s cause your name is on title, the lender does not own the home, nor the car. They have first lien, that is it. First lien holders don’t have the right to track their loans with gps devices. Nor does the lender have any right to access your home, yet based on your analogy they’d have more right to your own home than you do since they technically own almost all of it (in my example). Does your title state your lender is part owner? No. Cause they are not. Their loan only entitles them a first lien position, which doesn’t come with any ownership rights whatsoever. If the borrower fails to honor their agreement, then the lender can use their first lien position to take back the property, but that takes a lawsuit to transfer their first lien to a position of ownership. What you’re saying makes no sense, that’s not how the laws of this country work.