I live in Florida. I bought a car and had it financed through Chase Bank. I went online and made the final payment through the site I always made my payments. I recieved a certificate of title on the car a few weeks later.
I am the registered owner, and Chase is listed as the first lienholder.
A month after I got the title, I received a notice from Chase bank that I owe them a final payment, and instructions for payoff. In the letter it says I need to pay the payoff amount and I will receive the title. The payoff amount is the same dollar amount of which I already paid. I already have a the title (I thought). I have called them, and so far I haven't been able to get anywhere. I say I don't owe, they say I do.
If I have the title can they come and take it?
I can not find the transaction on my bank records. I am still searching.
2007-02-22 10:36:19 · 6 answers · asked by Jenalyn 2 in Business & Finance ➔ Credit
Titles may be different from state to state...but ones I am familiar with...if you have a loan....the lienholder is stated on title, usually the bank. When you pay it off, someone at the bank signs off on section called "lien release" and legally releases any and all claims on the vehicle....and sends title to you. You go to your local BMV, get a new title, free and clear of all liens. If you have the title, with a properly executed release, they can't do anything. If due to some clerical error, you got the title without a lien release, yes they can get your car. It's all about the title of record. Suggest you take you case personally to local Chase Bank and iron out details. I think your strongest case about making the final payment is simply that they sent you the title. Apparently there was something in their system that triggered that action and only a face to face will resolve....Good Luck!
2007-02-22 11:11:04 · answer #1 · answered by philsky 2 · 1⤊ 0⤋
i'm specific he's definitely intentioned. yet in view which you asked, no you probably did no longer make a sturdy selection :) the project is that he now has a huge longer time era debt and specific further coverage that his credit consultant won't know approximately. If it became me, i might set it up by some skill so as that he will pay you an afternoon or so in the previous the automobile charge is due and you're making the automobile charge your self. If he defaults or is previous due, then upload a prior due charge to what he owes you. previous, say, 5 days you sell the automobile. i know this sounds harsh, besides the incontrovertible fact that that is honest and if he skill what he says approximately never making a prior due charge, this could not be a project.
2016-09-29 12:00:55 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Keep searching for those records...
Maybe the payment didnt go through. If not, you owe. They wont repo your car - but you dont need bad shyte on your credit report either...
Is the lienholder signed off on the title you received? If so, just send the title into DMV and get a new one issued with no lienholder - voila! Car is yours!
2007-02-22 10:46:10 · answer #3 · answered by YDoncha_Blowme 6 · 1⤊ 0⤋
If you don't find the transaction in your bank records, it didn't post. You still owe the final payment. Yes, they can take the car if you don't pay it.
Did you get the new title without them listed as lienholder?
2007-02-22 10:43:34 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The burden of proof is on you-- so you need to find where you paid it. Maybe the payment didnt go through??
If its a minimal amount, I'd pay it off if you cant clear it up asap-- they might record a late payment on your credit.
2007-02-22 10:40:21 · answer #5 · answered by Anonymous · 1⤊ 0⤋
You need to clear it up with the bank. In the meantime, they're not going to repossess your car.
2007-02-22 10:40:06 · answer #6 · answered by Anonymous · 1⤊ 0⤋