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bank accidentally gave me car title


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my bank sent me the title to my car. I still owe on this, but they never placed a lien on the title. I am worried they may try to repo the car as I am behind on the payments, as I had a long layoff at work, and stuff is continually piling up. I am not sure what to do about this, or should I contact a attorney?

 

Any suggestions?

 

Thank You

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Actually, I would recommend that you first contact the COUNTY CLERK'S OFFICE in your area. By all means, do not give them your name. See what they say. It wasn't the bank's fault actually. It's the responsibility of the dealiership that you got the car from. They are to process for the TITLE "including" the LIENHOLDER.

 

I know that my Mother has been there done that with an older car that the lot financed themselves. They DID NOT record the lien to the title within 30 days and that is the law in Kentucky. They do have their lien on the title though. Still have the car but can't sell it. She had to file Chapter 13 BK whenever we learned of this. What happened? The Trustee and Judge recorded the lien to an UNSECURED due to their negligence. They had to return the car to her. To date, four years later, it's not been paid on one red cent and she still has the car. They have no legal rights to it.

 

In your case, I would say that they WOULD try to repossess the car. However, in a court of law, I don't know what your state requires. Keep us posted. Crazy, crazy, crazy people.

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my bank sent me the title to my car. I still owe on this, but they never placed a lien on the title. I am worried they may try to repo the car as I am behind on the payments, as I had a long layoff at work, and stuff is continually piling up. I am not sure what to do about this, or should I contact a attorney?

 

Any suggestions?

 

Thank You

Actually, I have seen this scenario played out before. Sooner or later they will realize their mistake. If you stop making payments, they will obviously realize it sooner.

 

Try to keep in mind that the title is only one part of your transaction when you purchased your vehicle. The lender still has the loan documentation which states you owe money in accordance terms of that contract. When a person has completed all payments for a vehicle, the lender typically sends the borrower the completed contract and the title.

 

GL

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The lien doesn't establishes the bank's interest in the property. The loan docs in which you sign off full interest in exchange for the loan is what does that. In fact, the lien doesn't give them any authority to repo the property ... again, it's the loan docs that does that.

 

The lien simply limits your ability to reassign title. The bank can establsih the lien at any time.

 

--> Ok, I'm going to edit this to suggest that I'd expect a judgement would be required to repo the car in absence of a lien. I'll also note that state law will determine what really applies and that's bound to vary from state to state. But, bottom line, it's my expectation that a repo can be done in absence of a lien.

Edited by hdporter
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