NYGman wrote:It has been a while, but I believe in the US, at least when you lease a car and maybe if financed, you don't actually own it. You may register it, but I believe Title is in the name of the Lease/finance agency. They will sign it over, if you buy out the lease or complete payment, but it isn't yours. I believe this worked to your favor if you got pulled over for an offense that would confiscate your car, however, if a car was leased, they couldn't take it. At least I think that is how it was in NY. I really don't know anymore, as I haven't bought a car in over 6 years, but then I rarely drive, clocking 2-3k a year.littleFred wrote:In the UK, keeping a car is distinct to owning it. In the UK, we do not register ownership of cars. DVLA maintain a register of keepers, not owners.Wake Up! Productions wrote:In fact, in the U.K., once the process of REGISTRATION is complete, you are legally acknowledge as the "REGISTERED KEEPER" of your own car !!! If this isn't an admission that you are not the FULL TITLE HOLDER, then I don't know what is.
Commonly the registered keeper is also the owner, but it ain't necessarily so.
For our UK friends, a reminder that car ownership laws (titles, registrations, etc.) are handled at the state level, not the federal, so things can vary a bit from state to state.
In Ohio, when you buy a car, you go to the Title Bureau, present the bill of sale and request that a Certificate of Title be issued. This is often done for the buyer by the dealership, if it is a new car or purchased from a dealer. If purchased from an individual, the buyer usually has to do this for him/herself. The Cert. of Title is proof of ownership.
If the car is financed, the lender will usually keep the original title, so the owner can not sell the car without repaying the loan. But, the lender is in no way a part owner in the car. The lender has what I believe is legally referred to as "a security interest" in the car. In the case of a financed car, the buyer is given a "Memorandum Certificate of Title", which can not be used to transfer ownership. During this process, the buyer (or the dealer on the buyer's behalf) pays the appropriate sales tax.
Once the buyer has the title (or memo title), he/she visits the License Bureau and registers the car. This is the formal request that the state issue license plates for the car. This is done annually.
Note that, at least in Ohio, registration has nothing to do with ownership. A leased car remains the property of the leasing company, while the lessor (or is it the lessee-the driver?) gets to register the car and pay the annual fee.
IANAL, but as I understand it, ownership, either in full or in part, means that the owner has the right to determine what to do with the property. The lender can't tell me that I can't sell my car. They can only demand payment if I do. The same is true of a mortgage on a home. The lender can't tell the owner that the house can not be sold. They can only demand payment if it is. If I were to propose tearing down my garage or making some other change that would significantly reduce the value of the property, the lender can insist that the loan be renegotiated, based on the new value of the home, but they can not prevent me from making the change.
When I apply for and receive a title to my car and register it to get license plates, the state has no right to tell me I can't sell the car, drive to another state or do anything else I like with the car. If I own it free and clear, I can set the car on fire and have the remains crushed at the junkyard. Local fire regulations aside, the state can not prevent me from doing so. To me, that is a sure sign that there is no ownership interest with the state.