Earthworm Posted September 13, 2006 Author Share Posted September 13, 2006 Continued: Last week I received a letter from Banco Popular regarding the title on my car (see beginning of thread). "Enclosed please find an application for a vehicle title. We need to correct the title which we are holding now. We need to add us as the lein holders on the title. We want to ask if you can kindly complete and sign the application." Took 'em long enough to figure out their screw up! The loan rep must not be too bright, either. He spelled the word "which" in the letter above as "witch" and he included a self-address stamped envelope to MY ADDRESS, not his... He also left me a goofy voice mail reminding me to return the app - sounded like he's fresh out of college (or high school). What a joke... Link to comment Share on other sites More sharing options...
TenPenny Posted September 13, 2006 Share Posted September 13, 2006 What a weird system. In the Province I live in, if you lease a vehicle, the title is in the name of the leasing company that owns the car. If you buy a vehicle, the title is in your name. Doesn't matter how much you owe on it, the car is yours. Liens are not shown on the title at all. It took me quite a while to understand your question, since it sounded normal to me. When you buy a car, you are just using the car as a security against the debt. The car is still yours, you just owe the bank a hunk of cash. Link to comment Share on other sites More sharing options...
umcp Posted September 13, 2006 Share Posted September 13, 2006 I MD, two titles are generated one [pink] i believe goes to the bank and one gets [blue] sent to the owner. You can't sell or trade the car without both. In VA, only the bank gets the title, until you pay off the loan. Link to comment Share on other sites More sharing options...
Waxiboy Posted September 13, 2006 Share Posted September 13, 2006 Some states have 2-part titles, 1 for the owner 1 for the bank. You can't sell the car without both. Check with your local DMV. Link to comment Share on other sites More sharing options...
Osei Posted September 14, 2006 Share Posted September 14, 2006 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!!!! Bought an 04 Legacy. Got my financing through Capital One. They give a blank check, which I filled out at the dealer. Like you I received a clear title. I knew they screwed up and I could have sold my car and bought anything else. Capital One only wants their money (as your lienholder does). It took about 6 months before Subaru caught the screwup and "asked" me to come down and fill out a new title. I could have just refused, but to what end? all in all, you don't want to screw up things with your lender, who can do much damage to your credit. Can you sell it, sure, but SOA or any other lender could even go so far as to want total payment of remaining balance at once. And then where are you? Believe me, you'll be getting that call. I'm in NY. Osei Link to comment Share on other sites More sharing options...
Road Warrior Posted September 14, 2006 Share Posted September 14, 2006 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... You did the right thing; continue your payments and start enjoying your car, as it was supposed to be. Remember that NOTHING is free in this world! Like a Serta Mattress: The Perfect Sleeper! Link to comment Share on other sites More sharing options...
Sk8erOrd Posted September 14, 2006 Share Posted September 14, 2006 When you buy a house, YOU get the title, but your house (though YOURS) is held as collatoral against your mortgage. This is due to appreciation/equity issues. Basically, if the title was in the bank's name, or with the bank as a lienholder, they could claim the equity. Since cars don't generally appreciate, this isn't an issue. 2015 Mustang Ecoboost Premium w/ PP (6MT) 2006 LGT Ltd 5MT OBP Cobb Short Throw Shifter | GS Catless Up Pipe Gone Link to comment Share on other sites More sharing options...
MacLGT-B Posted September 14, 2006 Share Posted September 14, 2006 If the bank don't get it's money, the RepoMan will come after your car. But at least you'll have you title. . . . Link to comment Share on other sites More sharing options...
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