[Aronis]

Bought a car out of state. Dealer did paperwork for title. Got title. Wrong lender listed as lien holder. So can I just stop paying for the car?

Mike

[DocWeatherington]

Originally Posted by Aronis

Bought a car out of state. Dealer did paperwork for title. Got title. Wrong lender listed as lien holder. So can I just stop paying for the car?

Mike

Haha, you could, lol... I'd be curious to see what happens.

The issue is im assuming with the lienholder, you are under a correctly signed contract, but at the state level, whomever technically owns the car is incorrect on paper.

Lienholder didn't notice the title as being wrong, which is weird as they usually are pretty anal about it.

I would reach out to the bank and have them correct it.

[Aronis]

The dealer reached out to me. I mailed the title to them by US Certified Mail. I have used that service for 30 years. Never had a single item lost. Until this one. So I got my 'duplicate title' from the DMV. The lien holder is the WRONG company. So legally the correct loan company can GO POUND SAND. LMAO.

I am going to stop making payments, blame "CoVID" and Build Back Better my savings account.

Mike

[Asaym87]

Originally Posted by Aronis

The dealer reached out to me. I mailed the title to them by US Certified Mail. I have used that service for 30 years. Never had a single item lost. Until this one. So I got my 'duplicate title' from the DMV. The lien holder is the WRONG company. So legally the correct loan company can GO POUND SAND. LMAO.

I am going to stop making payments, blame "CoVID" and Build Back Better my savings account.

Mike

haha as much as i don't respect this.....i do

[CosmicCharlie]

We'll actually, if you don't start paying the incorrect lien holder they can come repo your car and make a really nice profit selling it with a $0 cost basis.

[Aronis]

Originally Posted by CosmicCharlie

We'll actually, if you don't start paying the incorrect lien holder they can come repo your car and make a really nice profit selling it with a $0 cost basis.

Let see.....you are saying that the Incorrect Lien Holder listed can make a legal claim. Interesting. And that would be based on what evidence of such a loan? There is none. And the incorrectly listed Lien Holder does not have a record of this transaction or the existence of the car. Interesting.

This seems pretty black and white to me.

LOL

Mike

[phoenixbmwlife]

This may be the most unpopular opinion here but…

I would just do the right thing and get it fixed and pay the correct lien holder. When you steal from life, life has a tendency to steal from you back. What goes around is guaranteed to come back around.

[FatRear08]

Originally Posted by Aronis

The dealer reached out to me. I mailed the title to them by US Certified Mail. I have used that service for 30 years. Never had a single item lost. Until this one. So I got my 'duplicate title' from the DMV. The lien holder is the WRONG company. So legally the correct loan company can GO POUND SAND. LMAO.

I am going to stop making payments, blame "CoVID" and Build Back Better my savings account.

Mike

I’m assuming you’re being sarcastic…but build back that savings acct and pay cash next time. Then no lien holder issues to conquer.
I’m being sarcastic too, maybe…

Anyway, what did u buy??

[CosmicCharlie]

Originally Posted by Aronis

Let see.....you are saying that the Incorrect Lien Holder listed can make a legal claim. Interesting. And that would be based on what evidence of such a loan? There is none. And the incorrectly listed Lien Holder does not have a record of this transaction or the existence of the car. Interesting.

This seems pretty black and white to me.

LOL

Mike

You've framed the entire thread as a joke, so let's not get too hung up on logic.

If we must be serious, then just get the paperwork fixed and go about your day. That's what any serious person would do.

[pbonsalb]

Originally Posted by Aronis

Bought a car out of state. Dealer did paperwork for title. Got title. Wrong lender listed as lien holder. So can I just stop paying for the car?

Mike

The title is not the loan document between you and the lender. Listing the lien holder is just intended to prevent a transfer of the liened asset. But car loans are typically not nonrecourse like a home loan so the lender can still come after you personally.

But you can sell the car, take the cash and run. Let us know how it turns out.

[Aronis]

I am trying to get the paper work fixed. Dealer dragging their heals. It's not easy. They have to use some agency that does the trans state BS. I have not been able to get an 'appointment' at the DMV to ASK a question, there is no "appointment to ask a question option." I tried. Showed up to apply for a Title and the 'guard' would not let me in because I didn't have the proper papers from the dealer. I wanted to ask someone what paper work I needed. So if you think this is all sarcasm, you are wrong. It's an unmitigated pain my FU()*&)&* H()*&)(&* F)(*&^)(^)(^ A906787089686907. I am pissed over this bullshit.

Mike

[Resjudicata]

Originally Posted by Aronis

I am trying to get the paper work fixed. Dealer dragging their heals. It's not easy. They have to use some agency that does the trans state BS. I have not been able to get an 'appointment' at the DMV to ASK a question, there is no "appointment to ask a question option." I tried. Showed up to apply for a Title and the 'guard' would not let me in because I didn't have the proper papers from the dealer. I wanted to ask someone what paper work I needed. So if you think this is all sarcasm, you are wrong. It's an unmitigated pain my FU()*&)&* H()*&)(&* F)(*&^)(^)(^ A906787089686907. I am pissed over this bullshit.

Mike

By law, your contract with the lender governs. Assuming they put standard language in their terms of service, it will require you to have them as the correct and only lender with a lien on that vin number vehicle.

Failure to do so can result in a breach on your part and you'd be liable for the full balance in addition to penalties and fees. Furthermore, they will likely ding your credit report almost immediately. And thus, you'll be prevented from buying any other cars.

In summary, it's worth your time to fix it correctly.

[Aronis]

Originally Posted by Resjudicata

By law, your contract with the lender governs. Assuming they put standard language in their terms of service, it will require you to have them as the correct and only lender with a lien on that vin number vehicle.

Failure to do so can result in a breach on your part and you'd be liable for the full balance in addition to penalties and fees. Furthermore, they will likely ding your credit report almost immediately. And thus, you'll be prevented from buying any other cars.

In summary, it's worth your time to fix it correctly.

Yes, I agree, but the dealer is not making it easy.

Mike

[AmooManiak]

I'm confused. I would think you'd still be liable for all payments while the papework is being worked out.

One time it took me 4 months to get the correct registration documents (BMW Dealership did the paperwork) - that didn't exempt me from making payments on a loan.

[Aronis]

Not making payments was a joke.....LOL....I over nighted the title back to the dealer today. They will process it and hopefully I'll have the proper title before the loan last payment is made.

Mike

[dougpaper]

this from a guy that lectured me on mentioning guns and being a legal gun owner.

[Aronis]

Originally Posted by dougpaper

this from a guy that lectured me on mentioning guns and being a legal gun owner.

Who ME? I don't recall such.....elaborate please.

Mike

[Kponti]

Originally Posted by Aronis

Who ME? I don't recall such.....elaborate please.

Mike

It was the time when you told us that 'one day at band camp you stuck a gun in your......'

[Aronis]

Originally Posted by Kponti

It was the time when you told us that 'one day at band camp you stuck a gun in your......'

What the hell are you talking about???? You got the wrong guy.

(by the way guns are bad>....LOL)

Mike

[Camarejh]

The lender can go pound sand and then theyll say well your credit can go pound sand too.

[M3PGH]

I guess it varies by state. In Pa the lien holder gets the title , and they keep it till the loan is paid .

[Aronis]

Title arrived by FedEx to the dealer.....next step is in their hands.....

Mike