i JUST bought a car. i received the title in the mail assuming it was my copy but i got a call from the car loan company telling me they mistakenly applied for the title in my name rather than their name. so the car's title is officially made out to me. they want me to bring the title by the office so they can fix the problem......
i have five years to pay on this car....
am i a bad person just for thinking of being evil.....?
2007-11-11 18:13:04 · 11 answers · asked by Informer 5 in Cars & Transportation ➔ Insurance & Registration
lol I don't think but a very few that it would not come to their mind.
2007-11-11 18:18:51 · answer #1 · answered by Mustbe 6 · 0⤊ 0⤋
The loan company should have put the title in your name. The car belongs to you and the loan company has a lien against it. Take a good look at your title, it should list you as the owner and the lender as first lien holder. If your car loan company is not listed as lien holder, there is a paper you will need to sign allowing them to place the lien on your title. In some states the lien holder keeps the title and in other states the owner keeps the title. If the loan company is listed as lien holder on the title, they may just need to get the title back.
By signing the loan agreement, you are obligated to pay for the vehicle no matter what the title says. If you do not make your payments they will repossess your car. The company I work for sells hundreds of repossessed vehicles a year. Lenders have heard every story possible so they have no problem taking your vehicle if you don't make payments.
2007-11-12 11:01:28 · answer #2 · answered by Deb W 5 · 0⤊ 0⤋
It was a mistake. You should go by their office. They can take legal action against you and easily show that normal procedures were not taken, there was a mistake and the court would order you to do as they ask. You might also be hit with the legal fees incurred. A good example to use is when banks accidentally put large sums of money in an account. Courts force people to cooperate who fight it. It was a mistake, it was not maliscious. You cannot profit from an honest mistake. You are not a bad person, you are probably a normal person, who wouldn't think about it.?
2007-11-11 18:25:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Keeping that title doesn't get you off the hook for the loan, it just makes it an UNSECURED loan.
Before you think about keeping the title, just pull out your loan documents . . .see if you're in violation of the loan contract (ie, you can be sued) by keeping the title. If not (and you might not be!), it's an unsecured loan. Their error.
I'm not saying it's MORALLY correct. But that's the legal answer. They'll still trash your credit and garnish your wages if you default on the loan.
2007-11-12 01:01:53 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
It's so tempting to be evil. But alas, the problems you will face from a company you owe money to may not make it worth it. They won't go away just because the title's in your name. They'll want their money, and they will doing everthing in their power to see that you regret messing with them; they might ruin your credit, take you to court for a judgement, etc.
2007-11-12 02:07:15 · answer #5 · answered by Emo 3 · 0⤊ 0⤋
What would you do if you had paid cash, and they mistakenly put the title in their name? Bring it by the office, they have ways to get it done even without your cooperation, and you don't want to go through those processes.
2007-11-11 19:34:09 · answer #6 · answered by oklatom 7 · 0⤊ 0⤋
The loan company doesn't put their name registered to them. They do put a lien on the car so that you can not sell it without a lien release
And you can bet they can make you put the lien on the title.
2007-11-11 18:18:19 · answer #7 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
ahahahaha
you have to do as they require, cos they have the financial and legal evidence so you cant get away with it even if you want to.
2007-11-11 18:17:13 · answer #8 · answered by lsl4x 4 · 0⤊ 0⤋
It would be more trouble than its worth. Do the right thing!
2007-11-11 18:17:17 · answer #9 · answered by harryb 5 · 0⤊ 0⤋
do what you feel.
do a little research,and if you can get away with it.hell,dont ever go back,or sell it.
2007-11-11 19:47:08 · answer #10 · answered by ALI 1 · 0⤊ 0⤋