How should I handle this?

[Jspafford]

I refinanced my F-250 to get a lower interest rate and monthly payment. I had the original note through Huntington. I bank with 5/3 so I used them to refinance it. They put the money into my checking account and then paid the loan off with a check.

So today in the mail I get an envelope from Huntington bank. I open it to find a note congratulating me on paying off my truck... and my TITLE!

Shouldn't they have sent that to 5/3?

What should I do with it? Hang onto it until 5/3 contacts me about it? I will of course still make the payments, I am not that dishonest.

Thoughts anyone?

[smokey]

Is it the final title or a lien title? I gotta Lien title once for a car it looked like a regular one but it had Lien wrote on it somewhere.

[Jspafford]

Well, it's the original title, issued on July 1, 2005 when I bought the truck. Down at the bottom in the "Lien Discharge" it has a Huntington National Bank stamp with Dec 14, 2007 and a signature.. I would say it is the final title.

[RobbieD]

Yeah, I'm thinking along the lines of what mtnrgr says. Give it a few days, then check with the new bank. If it's a slip-up, you'll look good to them.

[smokey]

Sure sounds like you got the original one. I'd hold on to it and call 5/3 and see what they want you to do with it. what type of loan is the new one a auto loan or a personal type loan or was it add to a existing mortgage or something?

[Jspafford]

Mortgage.. psh... I pay cash for the big purchases...

Naw, It was as far as I know considered a "used auto" loan. So all things considered, they should have recieved my title, and I shouldn't have it laying here in front of me on the desk... Although it is nice, because I've never seen it before. I forgot how much I paid for the damn gashog.

The loan I took out was $83 short of the payoff so the bank deposited the loan amount into my checking account, and then sent them one check with the loan plus an extra $83 out of my checking... I think this threw National City off because the check probably had my name on it, so they thought it was a personal check.

I dunno?

[alaskan155]

it cool, i would call the tag agency though and see if there is any liens on it, even though you got a clean title the computer may say different, if not run and hide, LOL

[baadboy11]

Same thing happend with my truck, when i refinanced the first bank sent me my title, but eventually the new bank sent me a letter asking for it...so enjoy it while you have it, cause i know i wont be seeing mine again anytime soon.

[Hawker]

Not unusual at all. The State got a release of the lien so it released the original title to the owner. Your loan agreement will state that you have to present the title to the new bank but even that's not a big deal. Anybody can file a lien without having the title in hand. Don't get any wild notions here that they've forgotten about you. They've been in the banking business a long time. Best to be 'Mr. Cooperation' so they're falling all over themselves to get your next loan.

[Will]

Yeah, hold it until they ask for it.

The thing about everyday type legal matters is that there are no technicalities. Every standard legal transaction is assumed to be standard no matter what the actual paper says. So if you signed a car loan that said in small print "you have to kiss a pig's ass on the anniversary of the loan until paid" and you signed it without reading it, you wouldn't be legally bound to do so. Or, if you received the title for a truck that should have been sent to the next lien holder, it's not really your title.

[Dave R]

I guess here in NY they do things a bit differently. We get the one and only title to the vehicle when we buy it. But, if you financed it and used the vehicle as collateral, the bank requires the state to list them on the title as a lein holder. Once you pay them off, the bank issues you a lein release which you can then take to the DMV and have them remove the bank's name from the title and issue you a new one, for $50 of course. I've bought quite a few vehicles around here that have still had leins recorded against them on their title but as long as the seller includes the correct lein release, I don't care.

So, jspafford, you can be assured that the second bank will come around looking to have their name recorded on your title.

[naford]

I can't believe some of the answers. 5/3 can just put a lien on your truck. But why have them go throught the hassle. Be the nice guy go to the branch tell them the previous bank sent you the title. Which by the way is correct because you sent them a check with your name on it. 5/3 will sent it through corporate mail so it won't get lost. You'll look like a nice guy. You'll bank some good will at the bank branch. Which you might not need today but could use later. You'll get some good karma which you could also help down the road.