My question involves an auto loan or repossession in the State of: Iowa/Missouri
A number of months ago, I bought a car and financed through a major bank. They paid off my old car loan and rolled into the new loan.
A week after buying this car, the dealer sent me the title signed with NO Lienholder or anything. I took title and got car titled and registered in my name, not understanding about adding a lien.
Now, of course bank and dealer are trying to contact me to add the bank as a lien holder.
Do I have to add them?
If it's titled in my name isn't it really mine? I understand having to pay the loan back...But what can they do?
Couldn't I sell it out right? Can they repossess it?
It's a mess, but now I upset they were the ones who shouldn't have sent me a signed title...