Legal Question in Credit and Debt Law in Florida
I have received a notice from the court
that my creditor is seeking to perfect a motor vehicle lien. I do not yet own this
vehicle; I pay the loan company monthly.
Does this mean that when the vehicle is paid off the title will then be transferred to my creditor? The exact wording is that
"FL DMV shall issue a new title to motor vehicle affixing plaintiff's judgement lien
thereto".
1 Answer from Attorneys
The company would be added to your title the same way the bank is usually included on the title while you are paying for the car. They would have an interest in the vehicle meaning that they might be entitled to a portion of the value of the vehicle if you sell it in the future. They will also have to sign off on title transfers. Florida law does not allow them to take the vehicle from you if it is your only mode of transportation. After the vehicle is paid off it will be held in both your name and the creditor's name.
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