[newjersey2008]

My question involves an auto loan or repossession in the State of NJ:

I purchased a new car in August and received financing through a well-known bank. Recently, I was contacted by the lender's agent requesting a copy of the title since they had none in their file. After contacting DMV looking for a copy, I discovered that no lien was ever put on the title and it appears I own the car outright...

Since there is no lien on the title, what are the consequences of defaulting on my auto loan? Can they repossess my car without having a lien on the title? Also, can the lender now put a lien on the title without my authorization? Please advise. Thanks!

[elorei]

My question involves an auto loan or repossession in the State of NJ:

I purchased a new car in August and received financing through a well-known bank. Recently, I was contacted by the lender's agent requesting a copy of the title since they had none in their file. After contacting DMV looking for a copy, I discovered that no lien was ever put on the title and it appears I own the car outright...

Since there is no lien on the title, what are the consequences of defaulting on my auto loan? Can they repossess my car without having a lien on the title? Also, can the lender now put a lien on the title without my authorization? Please advise. Thanks!

Dunno bout NJ, but in Georgia, a contract that states the car is secured interest is just the same as a lien, in the eyes of the courts.