I paid off one bank and they sent me the title. Now the other bank that lent me the money wants me to go back to the first bank and sign a paper which states that the new bank is the lien holder
2006-07-19 09:10:07 · 6 answers · asked by stylus 1 in Cars & Transportation ➔ Insurance & Registration
You probably signed a document with the new bank saying that you will put them on as lienholder. Yes you do have to sign that document. You're going to cause yourself a legal headache if you don't. You entered into an agreement with the new bank saying that you will get a loan with your vehicle as collateral. You will pay the loan on a certain day for a certain amount of months. Just because your old bank sent you the title doesn't mean that you still don't owe the new bank money.
Do the right thing and turn the title over to your new bank. Don't ruin your relationship with the bank, and possibly your credit, by trying to get something for nothing.
2006-07-19 11:27:47 · answer #1 · answered by Gracie 3 · 0⤊ 0⤋
It seems like the new bank should be doing all that work. When I do title loans I have them sign a paper authorizing us to put a lien on and then send it to the DMV all the customer has to do is sign that paper.
2006-07-19 09:15:32 · answer #2 · answered by T 4 · 0⤊ 0⤋
Sounds like bank #1 messed up when there was a lien on your vehicle.
2006-07-19 12:08:00 · answer #3 · answered by midnightdealer 5 · 0⤊ 0⤋
Well, I'm a bit confused as to what the question is. A bank loaned you money for your car, if the car is being used as collateral, the bank would be the "leinholder" on the car. It's normal for the bank to want the title and be added as leinholder BEFORE releasing money to you.
2006-07-19 10:03:12 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
dont sign anything, my daughters boyfriend got a car for her he had to take out a loan,but when she got it registered for the first time,they sent the title to her with no lein holders,anyway 2 months later they were in her boyfriends truck and got in a wreck he was killed and she was severly injured,we called the bank to see if she could take over the loan they said no she would have to take out her own loan therefor losing the $3000.00 she had put down on the car, 2 days later they came and repoed the car i called them and said we have a clear title and then they wanted us to go sign a paper listing then as lein holder, i told them absolutly not,if they wouldnt of been so greedy in the first place and just let my daughter take over the loan everything would of been good,so anyway they had to give us back the car,we had a clear title so NO dont sign anything and they cant make yoy
2006-07-19 09:30:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
did u Re-finance your loan?
then yes the other bank hold your lien becuase they paid off your previous amount..now you have to pay them...
2006-07-19 09:16:04 · answer #6 · answered by mommy2savannah51405 6 · 0⤊ 0⤋