HELP! Financed Vehicles and Vehicle Permits?
Is it mandatory to have a letter of permission from the company or bank that finances your car truck or RV before you can be issued a Vehicle Permit to drive to Mazatlan? I've never heard of such a r...
Forum Discussion
I spent 30 years in a field involving creditor's rights and dealing with security interests. Not to belabor the point but in most States in the US a lender is not an "owner". They are a secured interest holder who's security interest is recorded as an encumbrance on the legal title in the records of the Department of Motor Vehicles. Under most circumstances the lien holder is not indicated on the vehicle registration carried in the vehicle. Depending upon the State the vehicle owner may hold the paper title showing the lenders security interest in their possession or the paper title may be retained by the lending institution. The security interest encumbers the vehicle and prevents conveyance to a third party until the loan is paid and that lien released.
But now I'm curious as to whether anyone has ever failed to declare having a loan on a vehicle and gotten in trouble because of it. We don't need to buy Mexican insurance other than liability as our company in the US covers us for collision, fire, theft and comprehensive while there. Our credit union is indicated as a security holder on the policy so regardless of our location in the event of a loss the claim check would be written to both of us.
But now I'm curious as to whether anyone has ever failed to declare having a loan on a vehicle and gotten in trouble because of it. We don't need to buy Mexican insurance other than liability as our company in the US covers us for collision, fire, theft and comprehensive while there. Our credit union is indicated as a security holder on the policy so regardless of our location in the event of a loss the claim check would be written to both of us.
