I spoke to many representatives at the bank after this issue was noticed and was told they will take care of the issue but today I received this letter.
And what can they do if it’s not done in 10 days.
It’s clearly lists what you need to do. If you don’t know how, they list a number there for you to call.
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You will be in default on your loan agreement, just like you would be if you stopped making payments.
The repo guy isn’t going to show up on day 11, but take this seriously and make sure this gets fixed.
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Can they repo the car if they are not on title, presumably due to their own mistake? I would think not.
The repo man may not show up, but the lawyer suing for breach of contract certainly will.
Concur. It sounds like the lender is fixing the problem, and the OP should of course cooperate with them.
Repo is not the only recourse. Think lawsuit and 7 years of bad credit.
In 7 years my oldest will be old enough for me to co-sign an M5 with my bad credit.
Then f— it. Kids need to pull their own weight.
As I said above, It sounds like the lender is fixing the problem, and the OP should of course cooperate with them.
I was just stating my opinion that since the lender is not currently on title, then I believe they have no repo rights.
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This is very similar to getting a loan on your used car. They send you a check, you pay for the car and then you send the title.
If you don’t send the title, they then immediately start proceedings.
Is it really worth it? That’s up to each person. I think my credit is not worth crushing it over a car.
Wtf, your title says you financed the car? Do you seriously think because you have the title with no lien holder on it, that you don’t have to pay for it?