Financed Titles

[JT112673]

Has anyone ever not gotten a title from the finance company once the loan is paid off? I was told by Chase bank that banks don't hold title anymore and they just send out lien satisfaction letters and it's the owners responsibility to pay to get a duplicate title from motor vehicle.

 

[cubby558]

I've never heard that before. I know in Illinois that the original title takes precedence over any duplicate title issued; no matter how old. When I used to finance through Ford Credit, I always received the title when the vehicle was paid off. Maybe that is your states' practice on vehicle titles.

Has anyone ever not gotten a title from the finance company once the loan is paid off? I was told by Chase bank that banks don't hold title anymore and they just send out lien satisfaction letters and it's the owners responsibility to pay to get a duplicate title from motor vehicle.

 

[Lola's Mom]

Has anyone ever not gotten a title from the finance company once the loan is paid off? I was told by Chase bank that banks don't hold title anymore and they just send out lien satisfaction letters and it's the owners responsibility to pay to get a duplicate title from motor vehicle.

Well, I guess that would make 'racing for pinks' history ...

That is really interesting because how would that happen if, say, someone from another state bought your car???

 

[JT112673]

I sent off my request for title to NJ today with my check for $60 and we'll see what happens.

I did get a hold of a VP at Chance Bank to discuss the issue and according to him there was a new federal law (part of the banking reform) that allows banks who hold title to "dispose" of said title and force the borrower to seem a duplicate lien free title from the issuing state with a copy of the lien satisfaction letter... saving the bank processing costs on the auto loan. Makes sense from a financial perspective, but certainly frustrating when I have to pay $60 after paying off a $50K loan... I'll keep you posted to see if I get a lien free title that I can transfer to Colorado.

 

[HOMEGAMEROOM]

Ohio is starting to issue "electronic" titles and not paper ones. I registered a car this week and was offered the option of either one. Sure, the paper ones can get lost or stolen, but the electronic ones seem easy to "steal" as well - you just need the owners Social Security number. I haven't lost a title.... yet....

I would guess the "electronic" variety would alleviate the issue you're describing, JT. It could get released instantly (and reprinted if necessary).

Hey, anybody want to buy a used Acura MDX?

 

[JT112673]

Ohio is starting to issue "electronic" titles and not paper ones. I registered a car this week and was offered the option of either one. Sure, the paper ones can get lost or stolen, but the electronic ones seem easy to "steal" as well - you just need the owners Social Security number. I haven't lost a title.... yet....

I would guess the "electronic" variety would alleviate the issue you're describing, JT. It could get released instantly (and reprinted if necessary).

Hey, anybody want to buy a used Acura MDX?

Electronic Titles certainly make a lot of sense, but I'm not sure I like the SSN as the proof of ownership.

 

[Jetboy]

I sent off my request for title to NJ today with my check for $60 and we'll see what happens.

I did get a hold of a VP at Chance Bank to discuss the issue and according to him there was a new federal law (part of the banking reform) that allows banks who hold title to "dispose" of said title and force the borrower to seem a duplicate lien free title from the issuing state with a copy of the lien satisfaction letter... saving the bank processing costs on the auto loan. Makes sense from a financial perspective, but certainly frustrating when I have to pay $60 after paying off a $50K loan... I'll keep you posted to see if I get a lien free title that I can transfer to Colorado.

Every state is different. The "VP" at Chase is blowing smoke.

 

[Cadiblk]

I received my title in the mail less than a week from the time I made the final payment. I then had to sign the title and take it to DMV where a new title in my name was issued. I had to pay for that process, but the expense was minimal.