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Old 08-28-2013, 07:24 AM
 
Location: Raleigh NC
1,254 posts, read 4,263,350 times
Reputation: 946

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I am not sure if this is the correct forum to post, please let me know.

I purchased a new car in April {2013 model year} and financed the car. I was solicited by my credit union to refinance the loan with them in May 2013. The interest rate was a lower rate than I received with the dealer financing. I have great credit and the rate was low, but the CU was even lower, saving me $$$.

Here is the issue, when the original loan was paid off, the original lien holder released the lien and sent me the title and not the CU. I have the title with the lien release. I called the CU and they said we don't need the title. I'm confused, because the new lien {CU} has not been recorded on my title. I was never asked to sign anything to order a new title either.

I am honest person and believe in karma; however, does this mean since there is no lien on the title, that my obligation to CU for this loan/lien is non-existent? I doubt it...but I'm sure this is just a clerical error, but don't feel comfortable knowing there is a loan with the CU but not recorded on the title.

Does this make sense? What should I do, if anything?

Thanks.
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Old 08-28-2013, 08:20 AM
 
Location: Florida
18,290 posts, read 18,527,133 times
Reputation: 20965
Even if the CU isn't listed as a lien holder on the title it certainly doesn't mean you don't have a valid loan.
You did sign loan documents didn't you?
At the very most it would just mean it is an unsecured loan.
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Old 08-28-2013, 11:20 AM
 
Location: Carmichael, CA
1,933 posts, read 2,726,978 times
Reputation: 2922
Legal owners routinely make this mistake. I can't address how the DMV in your state operates, but you could take the title to them and tell them that the credit union is supposed to be listed to see if they can work it out.

If your contract with the credit union specifically listed the vehicle as collateral, then if you default they could still repossess the car--at least that's how it works in my state.

If you hold onto the title and it gets stolen and someone lists themselves as legal owner you could end up with a mess. Better to get the credit union on there.
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Old 08-28-2013, 11:52 AM
 
Location: West Orange, NJ
12,542 posts, read 17,725,661 times
Reputation: 3681
my credit union had me send the title into them. it's odd to me that yours didn't.
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Old 10-18-2016, 06:01 PM
 
1 posts, read 1,754 times
Reputation: 10
I brought a 2016 vehicle from a federal auction in ny. Via loan. I made a deposit the bank that was suppose to approve the loan denied the loan but there name is on my title as the lIen holder. How do I get them removed.

I think this dealer is shady. The also, told me that they found another bank whose payments were lower asked me to come in and sign a new contract but wanted the 1st contract which I didn't bring with me. Then tell me two weeks later they were unable to verify my employment & will have to report the cr stolen if I don't bring the car back to the auction house. Mind you I wk for the state they have my pay stub and checking info.

What can I/should I do.

Feeling fuqd
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Old 10-20-2016, 07:47 AM
 
12,404 posts, read 9,195,957 times
Reputation: 8861
Quote:
Originally Posted by nynraleigh View Post
I am not sure if this is the correct forum to post, please let me know.

I purchased a new car in April {2013 model year} and financed the car. I was solicited by my credit union to refinance the loan with them in May 2013. The interest rate was a lower rate than I received with the dealer financing. I have great credit and the rate was low, but the CU was even lower, saving me $$$.

Here is the issue, when the original loan was paid off, the original lien holder released the lien and sent me the title and not the CU. I have the title with the lien release. I called the CU and they said we don't need the title. I'm confused, because the new lien {CU} has not been recorded on my title. I was never asked to sign anything to order a new title either.

I am honest person and believe in karma; however, does this mean since there is no lien on the title, that my obligation to CU for this loan/lien is non-existent? I doubt it...but I'm sure this is just a clerical error, but don't feel comfortable knowing there is a loan with the CU but not recorded on the title.

Does this make sense? What should I do, if anything?

Thanks.
Did the old lienholder have the correct information to send the title to your new lender?

You do have the duty to make sure the information that YOU give is correct. However, given that, you can simply check your loan documents and make sure that you have done everything you are required to do, and that your information is correct. If you have, just make your payments as normal and don't worry. Even if they do not have a lien, that only makes the debt unsecured. It does not cease to exist.
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