Why was I sent a title from Credit Union?

pdjafari · 03-13-2008, 12:03 AM

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?!?!

'Cane · 03-13-2008, 12:08 AM

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.

FirstClass · 03-13-2008, 12:08 AM

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?)

Kiemyster · 03-13-2008, 12:41 AM

Quote:

Originally Posted by 'Cane

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.

sell that sucker ASAP! do what his friend did!

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"

TurboFan · 03-13-2008, 09:00 AM

or you could be honest and let them know they made a mistake.

achien · 03-13-2008, 09:31 AM

Well, I had an incident where my car was paid off and they forgot to send me the title. Consider yourself lucky...

Quote:

Originally Posted by pdjafari

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?!?!

sandyeggo325i · 03-13-2008, 11:34 AM

HMMMMMMM...

canadian math at it's best

iatacs19 · 03-13-2008, 12:41 PM

sell it and see what happens.

Revlis · 03-13-2008, 03:18 PM

Quote:

Originally Posted by TurboFan

or you could be honest and let them know they made a mistake.

Yeah Silly me, would seem as though Honor, and dignity have gone right out the window...

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...

garyhgaryh · 03-13-2008, 03:34 PM

play safe. They can take you to court and say obviously you knew they were in error. If you buy another truck/car you may end up with two debts.

Icedog_16 · 03-13-2008, 03:58 PM

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.

OC Guy · 03-13-2008, 06:28 PM

Quote:

Originally Posted by Revlis

Yeah Silly me, would seem as though Honor, and dignity have gone right out the window...

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...

pdjafari · 03-19-2008, 12:51 PM

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:

Amir87 · 03-19-2008, 01:16 PM

Quote:

Originally Posted by pdjafari

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:

its ray den · 03-19-2008, 01:54 PM

i've never financed a car before, but is it typical to give power of attorney to the credit union?

pdjafari · 03-19-2008, 02:58 PM

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

03-13-2008, 12:03 AM	#1
pdjafari Colonel 172 Rep 2,510 Posts Drives: G80 M3C Join Date: Oct 2007 Location: Earth iTrader: (5)	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?!?!
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03-13-2008, 12:08 AM	#2
'Cane Major General 9860 Rep 6,087 Posts Drives: 2022 Aventurin/SS G82 xDrive Join Date: Feb 2007 Location: South Florida iTrader: (0) Garage List 2022 M4 Comp AWD [8.00]	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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03-13-2008, 09:00 AM	#5
TurboFan Ski bum 327 Rep 6,198 Posts Drives: sideways Join Date: Aug 2007 Location: Knee deep in the pow iTrader: (8)	or you could be honest and let them know they made a mistake. __________________ 1999 e46 328i Ti Silver / Black[retired] 2007 e90 335xi Jet Black / Black[retired] 2011 e70 X5 35d Vermillion Red / Cinnamon 2011 e92 M3 LeMans / Fox Red extended
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03-13-2008, 11:34 AM	#7
sandyeggo325i Captain 67 Rep 629 Posts Drives: BMW e90 \| 09 Accord V6 EXL Join Date: Jan 2008 Location: San Diego iTrader: (6)	HMMMMMMM... canadian math at it's best __________________ SG e90 \| Black Dakota Leather \| ZPP \| ZSP \| 19" BBS LM Reps \| Steptronic iDrive \| Aluminum Trim \| Xenon \| CF Roundels \| 15% Tint
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03-13-2008, 12:41 PM	#8
iatacs19 Major General 477 Rep 5,319 Posts Drives: 2016 SO M4 Join Date: Sep 2006 Location: Washington, DC iTrader: (8)	sell it and see what happens. __________________ If only BMWCCA Referral: 385628
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03-13-2008, 03:34 PM	#10
garyhgaryh Major 78 Rep 1,232 Posts Drives: Supercharged e30 M3 Join Date: Jan 2007 Location: santa cruz iTrader: (4)	play safe. They can take you to court and say obviously you knew they were in error. If you buy another truck/car you may end up with two debts.
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03-13-2008, 03:58 PM	#11
Icedog_16 No Member 8 Rep 428 Posts Drives: 2011 E92 335is Join Date: Feb 2008 Location: Tampa, FL iTrader: (1)	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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03-19-2008, 12:51 PM	#13
pdjafari Colonel 172 Rep 2,510 Posts Drives: G80 M3C Join Date: Oct 2007 Location: Earth iTrader: (5)	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, 01:54 PM	#15
its ray den Second Lieutenant 4 Rep 205 Posts Drives: 2004 Mazda6s Join Date: Aug 2007 Location: NY iTrader: (0)	i've never financed a car before, but is it typical to give power of attorney to the credit union?
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03-19-2008, 02:58 PM	#16
pdjafari Colonel 172 Rep 2,510 Posts Drives: G80 M3C Join Date: Oct 2007 Location: Earth iTrader: (5)	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
	Appreciate 0 Quote