Buying a semi truck, but registration isn't in my name why?

by James Roberts
(Los Angeles,CA)

Is this even legal? Can somebody help me to know.

I bought a semi truck one year ago through Loan Mountain in Iowa. I have been making the monthly payments from my bank every month.

The loan is in my name, however the registration is showing the company I'm leased with as being the registered owner, the registration does not include my name anywhere.

Loan Mountain auto debits my bank account each month. Shouldn't the registration have my name on it and not the company I'm leased too?

I paid the down payment, the licensing when I bought the truck, the only thing the company was involved with in the loan process was verifying I would be leased to them.

The company then took my papers to DMV to get the plates and other things medford but again I paid for that myself and my plates and permits are deducted from my settlement report weekly with the company I'm leased too as a owner operator.

Is this legal? Why does the registration not have my name on it?

What if I should decide to take my truck to a different carrier?

Thank you

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Aug 10, 2014
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registered owner/taxable owner NEW
by: Anonymous

yes its common practice in this industry...if you can afford to run your own plates then do it....im in this same position but pulling out because it doesnt feel right. example you get into accident the registered owner gets the insurance payment.....se where this could go. i think it should be illegal.

Sep 16, 2013
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Shady Shenanigans going on...
by: SQ609

You say right in your post that you make weekly settlement payments for the plates. Then obviously the truck and plates were registered in the company's name and not yours at some point.

Start handling your own business and stop having the company do your paperwork for you. And that's a big sign that they are not to be trusted.

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