Paid up financed vehicle with no change of ownership

[Dingiswayo003]

Greetings everyone. What is the legal implication if you have a paid up vehicle previously financed by a bank and have not done the change of ownership and the registration certificate is in your possession. Are creditors able to attach the said vehicle? Is there a problem if the ownership of the said vehicle is left like this, having the bank as the owner?

 

[Lupus]

Why wouldn't you change ownership? But technically yes if the bank is still it holder they could easily take it back.
If it's on your name they'd need the sheriff to attach it.

 

[Paul Kemp]

The bank is the title holder you are the owner.
If you don’t do the title holder change nothing changes from an admin perspective. You’ll still be able to do annual registration renewals.
The law says it should be done within 21 days of the bank sending the papers to you but the only real consequence is paying a penalty when you eventually do the change of title holder.

 

[supersunbird]

Greetings everyone. What is the legal implication if you have a paid up vehicle previously financed by a bank and have not done the change of ownership and the registration certificate is in your possession. Are creditors able to attach the said vehicle? Is there a problem if the ownership of the said vehicle is left like this, having the bank as the owner?

Pay your creditors.

 

[TheChamp]

It won't help you if your intention is to hide it away from your creditors.

 

[Lupus]

The bank is the title holder you are the owner.
If you don’t do the title holder change nothing changes from an admin perspective. You’ll still be able to do annual registration renewals.
The law says it should be done within 21 days of the bank sending the papers to you but the only real consequence is paying a penalty when you eventually do the change of title holder.

You don't even pay a penalty, done it numerous times.

 

[rodga]

Put it on my name then no one can take it.....

 

[Dairyfarmer]

Greetings everyone. What is the legal implication if you have a paid up vehicle previously financed by a bank and have not done the change of ownership and the registration certificate is in your possession. Are creditors able to attach the said vehicle? Is there a problem if the ownership of the said vehicle is left like this, having the bank as the owner?

MFC. I just did one at the end of last month. They did change of ownership for me. Took a week between paying off and the courier arriving with the log book. I didn't have to do anything. Check your finance company hasn't done the same, or charge you for it and hasn't done it. With MFC the charge is part of the initial finance agreement.