What do you do when the DMV sends you the title to your car but you still have a loan?
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What do you do when the DMV sends you the title to your car but you still have a loan?
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We bought our truck from a dealership the day after Christmas and used a credit union and signed a contract with that credit union. A week later we get a letter from a different credit union stating that we have a loan through them with a slip we're to use as the first payment and that they will be sending a booklet for the following payments. Next we get two updated insurance policies; one having the credit union we signed the contract with, the second with the "new" credit union and a correction note in the policy stating that the lienholder had changed. Now...this week we recieve from the dealership the paperwork to take to the DMV to register the truck which we were going to take this coming weekend...and *poof* today we recieve the title for the truck in the mail. No lienholder is mentioned on it anywhere. Our names are on it and the correct vin number as well. What the heck are we supposed to do? I would like a free truck...but is it wrong?
Additional Details
We bought our truck from a dealership the day after Christmas and used a credit union and signed a contract with that credit union who has not contacted us. A week later we get a letter from a different credit union stating that we have a loan through them with a slip we're to use as the first payment and that they will be sending a booklet for the following payments. Next we get two updated insurance policies; one having the credit union we signed the contract with, the second with the "new" credit union and a correction note in the policy stating that the lienholder had changed. Now...this week we recieve from the dealership the paperwork to take to the DMV to register the truck which we were going to take this coming weekend...and *poof* today we recieve a "CLEAN" title for the truck in the mail. No lienholder is mentioned on it anywhere. Our names are on it and the correct vin number as well. What the heck are we supposed to do? I would like a free truck...but is it wrong?
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Chickie
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Many lending institutions will originate a loan and then almost immediately sell it to another institution. That could be what happened with your loan. I'd contact the first credit union to verify what's going on, contact the second credit union if necessary, then contact the DMV to get the proper lien listed on your title. the mix-up with the title probably isn't your fault but in the long run you'll be better off doing everything by the book. There is probably some law in your state mandating that all liens be listed on titles, and you don't want to get in trouble with the DMV! |
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Bruce J
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I agree with JC.
Even though you have the title, you still signed a sales contract with the dealer. If you don't make the payments, you'll probably find youself in court explaining all this to a Judge.
Avoid that, and do the right thing. |
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James B
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Sounds like someone in the credit union screwed up. It's up to you, if you have a clear title it's yours. If you want to have a clean conscience, you can go to the credit union and ask "how much do we still owe on our loan?" let them look it up and see what is going on. |
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JC
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there's no way you are getting a free truck. that person below is wrong. it could be that you signed a contract with a credit union and the dealership sent in the application to another credit union who accepted the offer. when you purchase a vehicle, the finance manager at the dealership sends a request to a number of banks/cu's to see who can give you the cheapest interest rate. there must have been a mistake with the dealership getting involved. you have to call the dealership to find out what's going on so you can drop one of the credit unions. if you don't, both credit unions will be holding out their hands for payments (b/c they both think they own the truck). trust me, it'll be worse if you sit on it. |
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