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