Legal Question in Legal Ethics in Maryland
Auto Finace
I have a Auto that has two owners the other person wants off the Loan. i have contacted the Finace compnay and they are telling me that there is no way to pardon the other person off the loan.. is there any way leagally that I could keep the vehicle and see them off the Loan.. i am willing to pay for it in full so long as they are not liable for anything
1 Answer from Attorneys
Re: Auto Finace
Upon payment of the loan you will need to have the vehicle properly titled. The finance company has no position to delay where releases are properly made. Once paid the finance company's interest will be removed from title of the vehicle.
Typically a finance company does not want to release collateral until paid in full. Likewise they do not want to release against any potential claims (i.e., anyone who signed for the loan).
You may want to consider obtaining contingent releases prior to paying the finance company's loan.
Contact an attorney should you require assistance.
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