Earthworm Posted July 6, 2005 Share Posted July 6, 2005 I just purchased an '05 RBP LGT LTD 5MT sedan in May. I received my coupon book for my 60 mos. loan through Subaru Financing, which is obviously through Banco Popular. I have made one payment so far. Last Thursday, I received the title of the car in the mail. This is the REAL title - the title type is original. The vehicle is my '05 LGT. The purchase date is correct, the purchase type is new. The VIN # is correct. The mileage is correct. The owner is listed as me at my address. The first and second lienholders are blank. The back of the title has five empty reassignments. Am I new? Granted, I leased my last three vehicles, but I never thought you got the title until you paid off the loan. Why did I get the title? Does this mean I no longer have to make payments? Did I win a free car? Someone please explain to me what's going on!!!! Link to comment Share on other sites More sharing options...
melayout Posted July 6, 2005 Share Posted July 6, 2005 I'm leasing my current, but here is how I understand it. You took out a loan against the car. The bank pays Subaru the total car price and you are now dealing with the bank by paying off the loan you took out against the car's price back to them. You can go right now and sell the car/trade it in for another because it is yours, else mod away. I keed I keeed Link to comment Share on other sites More sharing options...
rao Posted July 6, 2005 Share Posted July 6, 2005 Somebody made a BIG mistake. You still have a loan with Banco Popular (I am assuming that you signed a note), but they don't appear to have a lien onyour car. If you don't pay them back, they can still collect from you, butthey would feel a lot better if they had a lien on you car. Rob IF YOU CARE ABOUT YOUR CAR YOU SHOULD NEVER DRIVE IT Link to comment Share on other sites More sharing options...
Earthworm Posted July 6, 2005 Author Share Posted July 6, 2005 Yeah, I figured I couldn't just throw away my coupon book and hold up my title and shrug when the collectors come after me... Damn! Has anybody else received their title before paying off their loan? Link to comment Share on other sites More sharing options...
ralphyralph5 Posted July 6, 2005 Share Posted July 6, 2005 I bought my car through SOA(chase bank) in May and I received my title in the mail last week. I was weirded out too, but I just went with the flow. I'll just keep paying and everyone will be happy. Link to comment Share on other sites More sharing options...
meier motor sports Posted July 6, 2005 Share Posted July 6, 2005 i dont think i got the title on this car. im sure i would know if i did. but on my focus.. once all 36 payments where paid i got a title in the mail Link to comment Share on other sites More sharing options...
Ridgeracer Posted July 6, 2005 Share Posted July 6, 2005 I bought my car through SOA(chase bank) in May and I received my title in the mail last week. I was weirded out too, but I just went with the flow. I'll just keep paying and everyone will be happy. Chase still has my title after 9 months so I guess they trust you more than me... "Gimme mines Balboa...Gimme mines".....Clubber Lang - Mr. T Link to comment Share on other sites More sharing options...
ralphyralph5 Posted July 6, 2005 Share Posted July 6, 2005 That's where the difference is. You received your title just like most of us have with our previous cars. I got the titles to my two previous cars after I made the last payment. My title for the Legacy was in the mail box about 1.5 months after i signed the contract. Link to comment Share on other sites More sharing options...
ralphyralph5 Posted July 6, 2005 Share Posted July 6, 2005 Chase still has my title after 9 months so I guess they trust you more than me... I suggest that you go through your old mail. The envelope was addressed from: New York State Dept. Of Motor Vehicles Albany, NY Link to comment Share on other sites More sharing options...
melayout Posted July 6, 2005 Share Posted July 6, 2005 That's where the difference is. You received your title just like most of us have with our previous cars. I got the titles to my two previous cars after I made the last payment. My title for the Legacy was in the mail box about 1.5 months after i signed the contract. And the difference is..............? I keed I keeed Link to comment Share on other sites More sharing options...
Ridgeracer Posted July 6, 2005 Share Posted July 6, 2005 I suggest that you go through your old mail. The envelope was addressed from: New York State Dept. Of Motor Vehicles Albany, NY Stupid me....My car is registered in CT now... "Gimme mines Balboa...Gimme mines".....Clubber Lang - Mr. T Link to comment Share on other sites More sharing options...
ralphyralph5 Posted July 6, 2005 Share Posted July 6, 2005 Well melayout, that was a response to meier motor sports about how he received his title after his last payment and how we received our titles, basically, after our first payments. Link to comment Share on other sites More sharing options...
gfxdave99 Posted July 6, 2005 Share Posted July 6, 2005 *scratching head* I didnt get no title.. you arent suppose to get the title till the car is paid off. If everything seems under control, you're just not going fast enough. - Mario Andretti Link to comment Share on other sites More sharing options...
FunkyMunky Posted July 6, 2005 Share Posted July 6, 2005 It all depends what state you are in. In NY you get the title certificate as soon as you sign for the car (or a month or two afterwards depending on processing time) with the financing company listed as a lienholder. Other states the lienholder will keep the title until you finish paying it off. Not sure how Illinois does it, but it is definitely VERY strange that there is no lienholder listed on your title. Link to comment Share on other sites More sharing options...
SubieDriver Posted July 6, 2005 Share Posted July 6, 2005 *scratching head* I didnt get no title.. you arent suppose to get the title till the car is paid off. Different statest do things differently. When I lived in Michigan, they sent the title to me, with the bank as a lienholder. In Florida and Georgia, they keep the title until it's paid off. I guess each state can decide for itself how it wants to handle them. Tim Link to comment Share on other sites More sharing options...
gfxdave99 Posted July 6, 2005 Share Posted July 6, 2005 Illinois are cocksuckers, the hold the title.. I am now on month 3 of getting my title from the state of IL from my Acura lease. I have had to have the guy driving on my plates with my insurance cuz IL + Honda Finance eats fucking ass.. If everything seems under control, you're just not going fast enough. - Mario Andretti Link to comment Share on other sites More sharing options...
Earthworm Posted July 6, 2005 Author Share Posted July 6, 2005 Yes, the bank being listed as a lienholder makes sense, that's why I'm so confused. I need to email edmunds or vehix or my lawyer and find out what kind of goofy law Illinois has - one goofy law amongst thousands, I'm sure... Link to comment Share on other sites More sharing options...
Ridgeracer Posted July 6, 2005 Share Posted July 6, 2005 In any event, the bottom line is we don't technically own nothing until the finance company gets all there money. "Gimme mines Balboa...Gimme mines".....Clubber Lang - Mr. T Link to comment Share on other sites More sharing options...
flander Posted July 6, 2005 Share Posted July 6, 2005 I got my title couple weeks ago and I do have my Credit Union as the first lienholder. That will stay that way until I pay off my loan in less than 5 years. That is when I get my CU to sign it over to me. Link to comment Share on other sites More sharing options...
rao Posted July 6, 2005 Share Posted July 6, 2005 It's not the state, its the lender that holds up the title after the loan has been paid off. Rob IF YOU CARE ABOUT YOUR CAR YOU SHOULD NEVER DRIVE IT Link to comment Share on other sites More sharing options...
Guest *Jedimaster* Posted July 6, 2005 Share Posted July 6, 2005 My leinholders section was blank as well- they made damn sure that got rectified. I just purchased an '05 RBP LGT LTD 5MT sedan in May. I received my coupon book for my 60 mos. loan through Subaru Financing, which is obviously through Banco Popular. I have made one payment so far. Last Thursday, I received the title of the car in the mail. This is the REAL title - the title type is original. The vehicle is my '05 LGT. The purchase date is correct, the purchase type is new. The VIN # is correct. The mileage is correct. The owner is listed as me at my address. The first and second lienholders are blank. The back of the title has five empty reassignments. Am I new? Granted, I leased my last three vehicles, but I never thought you got the title until you paid off the loan. Why did I get the title? Does this mean I no longer have to make payments? Did I win a free car? Someone please explain to me what's going on!!!! Link to comment Share on other sites More sharing options...
Earthworm Posted July 6, 2005 Author Share Posted July 6, 2005 I called Banco Popular and told them I have the title, and they said, "Bwaaahhh???" They told me the dealer probably screwed up and sent it to me instead of the bank, where they would have put their own name down as the lien holder, so that is why there was none when I got it. They asked me very politely if I could send them the title, like "ummm, sir, like, could you please send that to us? Pretty please? We will hold on to it while you are still paying on it and we'll send it to you once you're done with your loan..." I succumbed and abandoned my dreams of somehow getting my car for free and I mailed it back to them... Link to comment Share on other sites More sharing options...
Edvig Posted July 6, 2005 Share Posted July 6, 2005 I've recieved the titles for both 2 Subarus early. When I paid off my WRX I recieved a letter from Chase notifying me that my loan was paid off. When you sell your car, you will need both documents, the title and the pay off letter. I can't remember if my titles list Chase as the lien holder or not. Link to comment Share on other sites More sharing options...
mudfoot Posted July 7, 2005 Share Posted July 7, 2005 I got my title about a month after i purchased my car. in new york there supposed to give it to you. if you havent fully paid for the car it should name the bank as the lien holder Got Torque ? Link to comment Share on other sites More sharing options...
Outback XT Posted July 7, 2005 Share Posted July 7, 2005 On a similar note. I once bought a sport bike and was enjoying it for about 6 months when I get a call from the dealer. I guess they were trying to sell the same model bike and discovered that I had the title. They still had the title for my now used bike. Technically I could have said give me the new bike but they were nice about it and let me trade the old one in for a better model at a sweet deal to make everyone happy. Link to comment Share on other sites More sharing options...
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