ANSWERS: 2
  • yes technically its unpaid. he owns the car and the bank owns the money. and why would you take out a loan if they wouldnt cover the whole car? why do you still owe him?
  • Why are you paying the dealer? is the dealer the second or first lienholder on the car? like, you didn't have enough money for a downpayment and the dealer let you float a loan for it? did you sign an individual contract, with the dealer, as well as a contract with the bank? if so, your title should have a first and second lienholder. the dealer may be first or the bank, depending on the original setup. Read the back of the title. generally, the bank will come first, but different states have different laws governing lienholders. In any event, if you have not paid for the automobile, one or the other will take possession of your vehicle. the dealer wants your car first, so he can either resale it or make a deal with the bank on the first or second lien. its all about the money. Read your contract. whatever it states and you signed, is what you are responsible for.

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