I financed a car with Capital one auto. The dealership took care of all the paperwork, and check... I got the title to the car about 4 weeks later naming me as legal owner, with no lien holders. Registration also shows me as legal owner. This is Washington State. That means Cap1 would have to put a lien on the vehicle in order to Repo it??? and wouldn't that mean going to court for it? I am not behind in payments so that is not a main concern at this point. But my understanding is that since I have the title I own the car outright as far as the state in concerned..... Anyone care to shed some light on this
Crap1 still has an enforceable lien. Even though there was a clerical error with the title that does not mean you have a free car. I'm sure they would have to go through the normal repo process if you stop making payments. Does your insurance policy show them as loss payee? Crap1 may eventually discover the mistake and perfect the lien. Don't do something stupid with their collateral and get caught with your pants down or they might file felony charges. Sit tight and service the debt per your contract. Where you are exposed is if you have other bad debt and the creditor liens your car because they don't know Crap1 should have been in first place. Crap! might be pushed into second position and that would void your loan agreement which might force a repo.
ohh yeah thats the plan, I am making my payments as I should... It's just ironic that I get the title to it, this isn't the first car I bought, but the first time I got the title to it. As for the felony charges you are referring to , what charges can those be??
By that I mean if you sell the car before it is paid off or do something dumb and try to use the clerical error as a defense that you don't owe any money. Actually I think it's pretty funny they screwed up so bad and gave you clear title with a cherry loan.
huh bank larceny, umm I don't think I have seen that one in the state laws here... Care to explain...
Its like finding a few bags that dropped out of the back of an armored car. Picking them up and not reporting it. Bank Larceny you know its not yours, it belongs to a financial institution. Remeber the FEDS insure banks losses, so they usually pursue lost negotiables.
its fraud to do what you were contemplating. How would you feel if the tables were the other way around? Just because some numb nuts does a typo doesn't make it (legally,morally) right. Not saying you're gonna do that, because they'd proscute for that much money i guarantee it. but eventually they will come back and correct it. You'd be amazed at how many screwups with much larger sums go on in this world. Thankfully we are honest folks and wouldn't try anything crazy right
As long as he makes his payments as agreed he has fulfilled his obligation and is not obligated to teach the creditor their job. Also I don't think there was any inference was made that anything illegal was being planned.
umm no nothing illegal was planned, I like my car, and I am honest in the fact that yes I owe on the car, it's not my fault they screwed up and sent me the title, and since it'll cost more money to send it to them or even change it well they screwed up I am not going to pay for them to fix it heck I am paying enough as it is...... but again i am not doing anything ILLEGAL, there is no contemplation on doing anything ILLEGAL, so please unless you see that in the post DON'T add it.... Also basically since I have the title to the car its an unsecured loan.....
Wrong, it is not an unsecured loan even if you have the title. What you have is a loan where you pledged the car as collateral. Just because the lien was not perfected correctly does not mean your loan is unsecured. Your acceptance of the loan contracts overrides the clerical error. If the loan was truly unsecured then you could do what you want with the card and not suffer any consequences.
yeah well either way, I got the car and the title, and well they get thier money.... in the end everyones happy...
I didnt say you were going to do anything illegal, you asked a question, I gave an answer, now pay your bills and drive your car
yeah well I am not christian, and as I said it's going to cost more to tell them, and since I wasn't the one that screwed up, I am not going to pay for them to fix it, honesty has nothing to do with it, if I wasn't honest I wouldn't pay,
This is business dedal not a Christianity debate. Why co-mingle mutually exclusive events? He is NOT obligated to teach the creditor their job; his responsibility is only to service the debt on time and keep a low profile. News flash for you: Not everyone in the world is Christian. There are plenty of other religions in the world too.
