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Why was I sent a title from Credit Union?
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| 03-12-2008, 11:03 PM | #1 |
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Why was I sent a title from Credit Union?
So I just remembered that a few months back I received my title...
This is odd, because my car is not paid off... I have a loan from my credit union for 38k on the car when I received it in December 07. I just remembered receiving the title in January 08 and now that I look at it it has my name/address on it. It also has all the basics of the car, VIN, title # etc. And the most 'disturbing' part is it says NO LIENS!!! WTF?!?! |
| 03-12-2008, 11:08 PM | #2 |
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Major General
 
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Sounds like someone screwed up. Happened to a friend of mine a long time ago, He quickly sold the truck and got a new one.
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| 03-12-2008, 11:08 PM | #3 | |
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Stop paying. If they come after you show them the title.
 Bank error in your favor, collect $38,000. (Monopoly reference, or is it Life?)
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| 03-12-2008, 11:41 PM | #4 | |
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 this is a golden opportunity. u pass this up, ull regret it for the rest of ur life. maybe not now, but eventually you would be like: "shit. should have sold it when i could have. goodbye 38k"
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| 03-13-2008, 08:00 AM | #5 |
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or you could be honest and let them know they made a mistake.
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| 03-13-2008, 08:31 AM | #6 | |
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Well, I had an incident where my car was paid off and they forgot to send me the title. Consider yourself lucky...
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| 03-13-2008, 10:34 AM | #7 |
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HMMMMMMM...
canadian math at it's best 
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| 03-13-2008, 11:41 AM | #8 |
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sell it and see what happens.
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| 03-13-2008, 02:18 PM | #9 | |
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Still though, $38K is a decent chunk of change. The problem here is that it is a MISTAKE. The Bank will eventually figure it out and all this fantasy land BS is just that. You'll be called on the carpet and likely face fraud charges and jail time for knowingly and intentionally defrauding the bank... You most likely be fucked. But by all means, listen to all this fine advice from folks with obviously high ethical and moral standards... 
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| 03-13-2008, 02:58 PM | #11 |
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I'd make them aware of the error. Even if you were to sell the car, that wouldn't erase your liability with the lender. Ultimately, you'd end up still having to repay that debt.
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| 03-13-2008, 05:28 PM | #12 | |
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| 03-19-2008, 11:51 AM | #13 |
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UPDATE
Just received this Email from my credit union, the loan I have is from my jobs own credit union!!! We are auditing our 2007 files and we have not yet received title on your 2008 BMW. Per DMV records title was mailed to you as the dealership did not add xxx as lien holder. Please sign attached Power of attorney and mail the original signature plus the original title to our office: |
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| 03-19-2008, 12:16 PM | #14 | |
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| 03-19-2008, 01:58 PM | #16 |
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It is typical to give power of attorney to a bank for processing your DMV papers on your behalf. Once you pay off the loan that power of attorney is no longer valid
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