I recently financed a new car. Does the bank keep the title until I pay off the car, or am I suppose to get the title now?
by 
tiphany55
ANSWERS: 1
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The bank definitely holds the title, until the loan is paid in full. most states and banks require this for two reasons: l. the bank has a vested interest. the banks money was actually used to purchase this automobile. your contract will further explain this. 2. to deter the selling of a liened automobile. this is a felony in most states.
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