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Has anyone paid off their car loan lately??

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posted on Mar, 19 2011 @ 05:15 AM
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I've been wondering (and asking for awhile now), if the banks had to commit fraud to foreclose on the houses because they just couldn't or wouldn't find the people that had the legal right to sign the paperwork for the foreclosure, well, how are they gonna close up the mortgage and be able to give you a clean deed to the house.

okay, we paid our last car payment and got a letter releasing us of that loan, which my husband then proceeded to the DMV to obtain the title.

He's saying that they almost didn't give it to him, and well, knowing my husband, they probably just finally gave in and gave it to him to get him out of the place since he would have stayed there arguing with them till closing time! they were telling him that the bank didn't electronically release the note, so no, he couldn't have it!
makes me wonder, are they still going through their mess trying to find out who has the legal right to release the note, since well, robosigners are just so uncool of late...

so well, maybe my husband, for some reason just made up the whole story....
maybe the bank just made and error...
or maybe the banks have just made such a big mess in their race to wealth, that they can't give a clear title to anything, not even a car!!!

so, I am wondering, has anyone else had trouble getting their title from the dmv of late after paying off their loan???




posted on Mar, 19 2011 @ 05:23 AM
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My car is older and has been paid off for some years now, but it did take about a month after the final payment to get the title. The lien holder (bank) has to process it and then it's sent back to you. According to my bank, they only do this once a week or so , so they may have several to do at once. At least that's what I was told.



posted on Mar, 19 2011 @ 06:10 AM
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I can't relate exactly to the procedures the DMV has in place as i live in Australia - VICRoads is the local Road authority in my state.

I only replied because it was just coincidence that lastnight i finally after 3 years paid my final car payment!!
- yay i am very happy about it as well.

Although it may work differently here, when we take out a secured loan for a car or other item. It is called an ecumberance, so as you said basically the bank or finance company owns it untill you pay out that loan.

The process is normally pretty straight forward, the financier alerts VICRoads the ecumberance has been removed via online webportal. - I also used to work in finance so i understand how it works. There are times when a loan has been paid but the person responcible for advising VICRoads or DMV did not do their job properly or were not advised. ( put it down to clerical error )

But normally a quick phone call to your finacier will fix that, they will do there thing online ( takes 5 minutes ) and the Ecumberance is removed. They should also provide you with a payout / final letter in writing to confirm it's paid out and the Ecumberance has been removed by the finance company or bank.


Not to sure if that helps or relates even.... but just talking from experiance and as i only made my last payment lastnight i wanted to share my happiness as i am sure you can relate to

edit on 19-3-2011 by Havick007 because: (no reason given)



posted on Mar, 19 2011 @ 07:00 AM
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in Canada the banks(or anyone) don't give you loans/credit unless you have near perfect credit, hence 'Canada having the strongest global economy'. if only other countries were as Nazi/Masonic/NWO as Canada then the rest of the world wouldn't be in their 'global recession'.



posted on Mar, 19 2011 @ 07:26 AM
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reply to post by Havick007
 

oh, ya, I can relate.....more money in the bank account that can help pay for something else....!!! less debt...
here, well, by what I understand, the bank will send you a letter stating that there is no longer any lein on the car, which you then have to take to the dmv and ask for the title to the car.
maybe it was just a clerical error at the bank, but we got the letter of release about a month ago, and well, my husband just went down to the dmv for the title....
you'd think that a month would be enough time for them to enter a few lines into a computer database!

but, then, I doubt that they weren't doing the same thing with every other secured loan as they were doing with the mortgages, selling them off to investors.....and well...reselling and reselling, and at least with the mortgages, I think they created a big problem when it comes to properties rights...(which we go another letter from the state....they want to survey our land, seems that the highway out behind the house is gonna be expanded in some way, and they might want our land!! which well, hope they are prepared to give us at least what we owe on the house, cause, well, we are paying our mortgage, it's up to date...and well, we are paying for that nice big bailout, which was needed, I guess, because we weren't paying our mortgages..but we were...and then well, we are paying for that bailout everytime we go buy something because everytime we go into a store, the prices are higher!!! so, now, they want the house too???
and, I suppose, they will still expect us to be paying the mortgage???

I'm close to the point of writing the bank and telling them to either prove to me that you can deliver a clean title after we pay you, or screw you, take the danged house back!!!



posted on Mar, 19 2011 @ 08:00 AM
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reply to post by dawnstar
 


Yeah i see what you mean.

Although, even though the bank gives you the completion letter. There should still be a process internally that advises the DMV of the loan completion ( as per my previous post ) it may just be the clerical error. Even with reinvestment or loan insurance only your lendor can put an Ecumberance or lean on the vehicle.

If the DMV only relied on a piece of paper from customer's, fraud would be very easy. There will also be internal procedures to free up the assett.


From personal experiance in the finance industry and customer service, there were times years would go by but due to clerical error the eccumberance was not removed. It was nly when the person tried to sell the car that they ecountered the problem. They would advise us, we would apologise blah blah and pass it on and the 'REVS' would be lifted in 24 hours - although it took 5-10 minutes we would say 25 hours just incase it was a busy day.

This wont help your sitiuation but it is the example i was talking about;


www.revs.nsw.gov.au...

www.revs.nsw.gov.au...


Even though you get a letter, it's all done electronically and i am sure that if it is elctronic here then many states over there would be similar.....



edit on 19-3-2011 by Havick007 because: (no reason given)



posted on Mar, 19 2011 @ 08:05 AM
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reply to post by dawnstar
 


we just recently paid off our car loan on our 2002 Nissan altima our local bank (well savings and loan) where we have always banked 20 years now had the title there and handed it to use right when we paid it off.now as far as Indiana's dmv goes they are a bunch of fascists we just recently purchased an 2008 Pontiac g6 certified car with only 50k on it for 11500 great deal well we went to Ohio to buy it so we had to have a cop fill out the Vin verification paperwork. well the cop who got to my house in like 30 seconds it seemed after calling local dispatch said well id drive it down there lol he was right the lady there said o this paper no good i have to look at the car. also couldn't transfer our tags from our 1996 Taurus to it since we hadn't sold it yet.what was sad was we had the 96 paid for for some time but it had been in a hit and run drivable but looked terrible had difficulties with car insurance since dropped them hope the 2k they didn't wanna pay was worth loosing 20 year customer with 3 cars and a house on their policy



posted on Mar, 19 2011 @ 08:09 AM
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I bought my car at a local dealership non big named and I had a title the moment I bought the car. After my last payment I had my title in a week signed over to me. They held the title in my name til I paid it off. It wasn't done through a bank and I like it that way.

I had one financed before and the bank pissed me off many times. They would change my payment and charge me fees. I hated it so I only buy at local lots now.



posted on Mar, 19 2011 @ 08:11 AM
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I made my last car payment in Feb 2010. I got my title with no problems. Ahhh....it feels good not to have to make that monthly payment!



posted on Mar, 19 2011 @ 12:29 PM
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Originally posted by loagun
in Canada the banks(or anyone) don't give you loans/credit unless you have near perfect credit, hence 'Canada having the strongest global economy'. if only other countries were as Nazi/Masonic/NWO as Canada then the rest of the world wouldn't be in their 'global recession'.


Up here, we also don't have to go through the bs of getting letters and such, to take elsewhere for something to be released. The banks just do it automatically, and if for some reason they forget, and you find out when you try to sell the vehicle (that happened to me once), it's just a quick phone call, and it's done.

I really like that we can trust our system, I've never had a problem that wasn't fixed right away with a simple phone call, and an electronic release.



posted on Mar, 19 2011 @ 01:31 PM
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Very likely the reason for your hubby being denied the title is because with it, like so many other properties both homes and autos have had thier debt owners sold so many times over the last few years that no one really knows who owns what.

This is apart of the debt moritoruim the nation is currently under until we can learn who owns what and how to proceed post event.



posted on Mar, 20 2011 @ 12:43 PM
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reply to post by dawnstar
 


No,my first car was paid off when it was totaled in 2006.
I used the money from the insurance to buy my new car.



posted on Mar, 20 2011 @ 12:49 PM
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reply to post by dawnstar
 


I know that my brother did, and the bank just sent it to him through the mail..

Almost got ripped up.

Good thing it didn't.



posted on Mar, 21 2011 @ 05:02 AM
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reply to post by TheImmaculateD1
 

one cannot sell an asset, like a car, or a house, without proof of unencumbered ownership.....
thus devaluing the asset to next to nothing!!
with the car, my husband didn't want to wait to have the title screwed up, because he wants to transfer the ownership....
if the banks has screwed things up so badly that our houses, or even our cars, cannot not be sold to another, till they spend a decade or so sorting through the mess, well, hasn't their incompetance just made us kind of like their hostages...can't sell, can't refi, can't do much of anything....

and, of course, I am still seeing ads and signs....no money down, crap credit okay, buy your house today!!!

only it's now rent to own ads I am seeing....



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