| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 987.1 | You shouldn't get the title till it's paid for | AKOCOA::KGREENE | | Tue Mar 26 1996 16:39 | 20 |
| RE: .0
It's been a while ('89) since my wife or I purchased a new vehicle
through the DCU. What I recall is that one of the forms that you fill
out at the dealer is an application for title. In the application for
title, it asks you to specify the lienholders' name and address.
The title is issued directly from the RMV to the owner (or lienholder)
of the vehicle. Since you do not own the TITLE to the car, you would
not receive the title from the RMV. You would only get the title after
the lien or loan was satisfied.
Not sure how long it normally takes the RMV to process an application
for title, but if you have your copy, you might want to double check
the DCU address that was supposed to receive the title.
hth,
kjg
|
| 987.2 | Sorry, you lose | SNAX::PIERPONT | | Tue Mar 26 1996 16:43 | 23 |
| If you read the contract for the vehicle loan it states that you are to
list the lender as a lien holder. Typically this is done as the the
reg/title paperwork is being completed at the insurance company [in
Mass]. Somewhere on the reg/title paperwork it also asks if all
statements are true and correct [including the one section called LEINS
which appears to have been marked NONE].
The lender wants the title to show them as the lien holder. If it does
not, lets say you hand over the title to the lender, you can apply for
a duplicate title and sell the vehicle for $$, then default on the
loan.
Moving the loan to an unsecured loan [and rate] protects the lender.
If you want the secured rate on the loan, you must be willing to secure
the loan with the property, therefore the lien.
They can do the same thing if you do not list them as a loss payee on
the insurance policy.
Yes, it has been done. Yes I do have the experience [no fault of mine].
Yes, you need to fix it.
Howard
|
| 987.3 | Try calling the friendly folks at the DCU | WRKSYS::SEILER | Larry Seiler | Mon Apr 01 1996 16:31 | 13 |
| Did the DCU tell you at the time you took out your loan that you'd
need to list them as the lein-holder? I'm surprized that the dealer
and the insurance company missed this.
I suggest that you try calling the DCU and explain that you didn't
realize that they'd have to be listed on the title. If the $25 is
a problem, you can always ask whether they'd be willing to cover it.
But whoever pays for the new title, there has to be one that lists
the DCU as the lienholder, else the DCU is making an unsecured loan
at a secured rate.
Luck,
Larry
|
| 987.4 | | CSC32::B_GRUBBS | | Tue Apr 02 1996 14:53 | 17 |
|
I made the same mistake but caught it earlier. The DCU rep told me
to make sure and give the DMV a copy of the loan agreement when I went
down.
The DCU gives YOU all the paperwork to take down and apply for the
title, including the ceritficate of origin (if brand new) and a copy
of the finance agreement. I didn't have the finance agreement with
me when I registered the truck and they wrote the application for title.
I immediately knew something was wrong when I saw the envelope with a
title come to my house 3 weeks later. Cost me $16 (in colorado) to go
down and have a new title made with DCU as the lien holder. This time
they said the title would be sent on to the main DCU address in
Maynard.
--Bert
|
| 987.5 | | ROWLET::AINSLEY | Less than 150 kts. is TOO slow! | Tue Apr 02 1996 14:57 | 6 |
| This seems weird. In Ohio and Texas, the dealer takes care of all the
title/licensing paperwork for you. You simply return to the dealership
when the permanent plate comes in and they put it on for you. No
mistakes, no hassles, no mess.
Bob
|
| 987.6 | Every state is different | SNAX::PIERPONT | | Tue Apr 02 1996 15:27 | 25 |
| In Conn. the insurance co mails you a certiicate [once every six
months] and registration is handled either by the dealer or the buyer.
In Mass you go to the insurance co to get the registration paperwork
filled out, stamped, then 'someone' goes to the registry [most
insurance cos have a runner for $5-$10 to handle the trip to the RMV].
Newer renewal paperwork in Mass shows an 'Insurance in force. Carrier
name' on the paperwork so you don't have to go to the insurance co to
get the stamp.
There is a general lack of consistency in how paperwork is handled
between states. When we moved from Colorado to Conn. one bank gave us
the signed title and a letter that said we would list them as the lien
holder on the new title and we drove away. The other bank mailed the
title to Conn before we got there and CT sent it back after 30 days
[before we had a chance to reg he car]. Turned out we didn't need the
title because CT could look up the existing Colorado title number.
Registering in Colorado is completely different than anything I've
seen.
In Iowa, you can drive will all your sales paperwork for 7 dfays
without getting plates! Been there, done that.
Howard
|