Suggestions???

**Mieux97** · 04-10-2009, 10:52 AM

Ok...so the bank is still looking for the title to my Bird to place a lean on it. I finally got it from the dealer the other day with the title made out to me and not trace of the banks name on it. The bank IS still getting paid from me for the loan and the dealer has their money so here's the question.....

Should I keep the title in my name and what could happen if I don't surrender the title?

**Smittro** · 04-10-2009, 11:23 AM

Originally Posted by Mieux97

Ok...so the bank is still looking for the title to my Bird to place a lean on it. I finally got it from the dealer the other day with the title made out to me and not trace of the banks name on it. The bank IS still getting paid from me for the loan and the dealer has their money so here's the question.....

Should I keep the title in my name and what could happen if I don't surrender the title?

Not sure in your state but the bank maybe able take the car. Dont take my word for it cause I'm not totaly sure on this. Has the bank asked for the title?
If not I'd call them and find out what's going on with your loan. Mistakes get made at financial institutions all the time. A mistake can sometimes compromise your credit report. Once something is on your credit report it's usually hard to get it corrected or removed. A bank once tried to come after my wife once for a mortgage she never had. Turned out there was another women with her same name who'd defaulted on her mortgage. That ladies bank tried to use a collection agencey to get my wifes SS# to try to stick her with it! We hand to threaten them with a law suite and the local press!
We got lucky cause a sherif had mistakenly delivered that ladies paper work to our house. The paper work clearly showed the ladies ss# and her middle name was different than my wifes. She did'nt even live close to us! Over 50 miles away! Sorry for long story but I'd stay on the ball with this! Hate to see a fellow gearhead get burned

**vannatte** · 04-10-2009, 09:09 PM

I'd be careful because if you decide to place it in your name only the bank could immediately default your contract. This would mean that either 1) they "call" your loan and you owe them the entire balance immediately or 2) they write it off as a loss and it ruins your credit for 7-10 years. They approved you for a secured loan using your Trans Am as collateral. Without the title, they have an unsecured loan and are not going to be pleased if they don't get their title soon. Also, if they cross-collateralize they could default your other contracts or take money from any checking or savings accounts you have with them without notice. I'd read through your contract thoroughly before making any rash decisions, but nothing good can come from keeping the title in your name. You're on the hook for the full amount owed to the bank either way.

**Mieux97** · 04-11-2009, 05:57 AM

Aw nuts!!!

**pjeff7** · 04-11-2009, 07:50 AM

If you got a loan from the bank, the bank owns that car. They are just letting you dirve it, while you pay them. You might have the title and everything, but legaly speaking, It's their car.

**rideon1200** · 04-11-2009, 08:26 AM

Unless you have some good credit, if you want to play hard ball, the bank will call the note. I am sure in your contract there are provisions to do this. Banks dont like unsecured loans and they will catch it. Then if they call the loan, you might have a problem finding finacing after have been approved for a car loan recently. You could always plead stupid when they call.

**Big Chuk** · 04-11-2009, 08:51 AM

Depending on the loan amount if the bank finds out you have the title with no lein and did not turn it over there is a good possibility they can file Felony Fraud ( or intent to fraud) ie Hendering a secured creditor, against you. I don't know your local laws but this is possible in Texas.