Bank doesnt want Vehicle...

[soldout]

Hello and good day...

Hopefully someone will be able to help..and i Thank you in advance for that...

So...Heres my problem..

My discharge should have been 4 days ago...Probably havent gotten to the paperwork to sign it and send it off yet...But..the 60 days the creditors have is come and gone...
Since we are surrenduring the car we (me and my lawyer) have been calling the bank (Nayv Fed Credit Union) to come and pick it up since we are having to keep full coverage insurance on it...Well Today Navy Fed tells us they do not have a lien on the car, therefore they can't pick it up...it's not theirs!...Plus they said they wouldnt pick it up anyway because it is not worth it...They would lose money if they came and got it..Simply put..They dont give a rats A$$ about the car...Anyways..

I called the DMV to see what i need to obtain a new title, (Since it should be clear) and they said well Navy Fed is the lien holder so you need their permission...

I called the bank back..and they said..."Well if you want the title in your name you will have to make us an offer"...I said "Why would I do that now that I know you dont want the vehicle?"...She said make us an offer and we will see...So i hung up...

[B]Question: What will I be able to do with the Car since they wont give me the title without paying?

If i move or something i will never be able to get it registered and continue to drive it...

thanks..

~soldout~

[StaciMM]

Offer them something very basic, perhaps $100.

[LostinMi]

Can't you just continue to use the vehicle.... even if you move, the title is still in your name (along with the lien).... right? You just wouldn't be able to sell it.

[soldout]

I think i will offer them $100...

If we move to a different state...dont they usually want a copy of the title/or the original? If so the bank wont give me a copy

~soldout~

[TatteredInTexas]

I agree... I would offer them $100 and see what they say. What is KBB "trade in" value on it?

If they balk at your $100 offer... make them give you a number. That way, at least you have two points to work towards a negotiation on.

Best,
TatteredInTexas

[soldout]

Bump.

Update: Forgot to mention this! (Actually forgot all about it)

In the beginning their was a bank (HSBC) that gave me a loan for this vehicle...Then i got a really good interest rate with Navy Fed and they paid them off and gave me the current loan...

Now that bankruptcy is among us...Navy Fed did not get the title transfered into their name (REQUEST OF LIEN RELEASE) from the Original Creditor. Commonly known as perfecting the lien, I think. Undoubtly, Navy Federal cannot reposses nor take my offer for the title because it is not their property. HSBC said they cant do anything and Navy Fed will have to ask for that Lien Release to get the Original Title...Make Sense? Heres my delima...Since Navy Fed is not going to ask for that release of the lien from HSBC, and HSBC cant do anything...How do I go about getting a title for this vehicle?

Is there another way to get this or a new title in my name?

Another problem...The DMV in Illinois shows that the title is "liened" by HSBC...Here in GA it shows Navy Fed...Is that not weird! (MOVED FROM GA to IL then back to GA)

anyways, I hope someone can help me out on this one...Im really on my last nerve dealing with these banks and government offices...

Thanks

~soldout~

(Edit)The KBB value in Good Condition is $5415...The low is $3900 or something around that...

[Minnymouth]

Your going to needs "lots" of luck on this one!!!

Keep driving it, make no payments on it, and see who tries to come and get it...... Probably no-one....

Unperfected titles create "big headaches"....
And can be a pain to try and fix....
Just keep insurance on it to protect yourself - but keep driving - smile - and wait it out....
Guarantee ya, somebody will be screaming for money or vehicle if its not paid for...

Minny

[soldout]

Guarantee ya, somebody will be screaming for money or vehicle if its not paid for...

Minny

Ive been screaming at them to come and get it and they wont...They literally told me that they dont want the piece of SH^% (along with the title issue and them being located 500mi away) that it will cost them money to take it back and to leave them alone. LOL And this is a bank that I have my truck reaffirmed w/ as well...(GREAT) I think I will take your advice...Going to get the new tags/regist. (TOMORROW), keep ins. on it, and drive it until who knows when!

thanks,

~soldout~

[Genenco]

When it needs a major repair, that's when it's good for a demolition derby!

[soldout]

When it needs a major repair, that's when it's good for a demolition derby!

Right on...Maybe ill donate the car to jesse james and get him to derbify it to the extreme...

I think it has a good 5-8 years left on it though...Its still in really good shape besides some cosmetic flaws...(Children and Wife!!!)

[TatteredInTexas]

Wow! Sounds like a nasty situation, for sure!

I think Minny is on target with her advice. I would just look at as a "free ride" (no pun intended), until somebody makes a move.

Good luck with it.

All the best,
TatteredInTexas

[Lightning]

Why not get this straightened out ASAP? You don't want to end up like Minny fighting over her home title several years later. The last thing you'd want to happen is to crash and total this car in a fit of vengeance only to have a court determine there was a lien and you're responsible for the loss.

[crackerbear]

She would not be responsible for the loss, the car was included in the bankruptcy. If it is worth less than the loan now or later, whenever someone decides to come and get it, she will not have to make up the difference. Actually, if she ended up totaling the car, the lienholder would probably end up with more money than if they repossessed it. The insurance company would payoff the lienholder first before she got any money, if there was any left over.

[soldout]

Why not get this straightened out ASAP? (Maybe you didnt know that we included this in B/K as a surrendering) You don't want to end up like Minny fighting over her home title several years later. The last thing you'd want to happen is to crash and total this car in a fit of vengeance only to have a court determine there was a lien and you're responsible for the loss.

A few years from now I dont think the car is going to be worth but a couple hundred dollars...I have called the bank and tried to get them to REPO it, but they dont want it, nor do they care about straightening out the title problem...As for an accident, I honestly didnt think about what would happen as far as me being responsible because of the title problem...Thanks for bringing that up... I would have to agree with crackerbear though that it shouldnt have any affect on me...Besides a higher premium...I have insurance on it...and if the lien came up as to who should get the money, im sure the bank would then want a piece of the pie...

Heres the catchter, I just received my discharge papers yesterday.

This vehicle was included as a secured loan...Which in fact, it is not secured because it was never perfected!

I really dont care wether they pick it up, or I keep on driving it...Minny's home is a different story... Im sure she will fight for her place...My car, Well Do you want it? Wait-I dont have the right to sell/give it to ya...

~soldout~

Thank you everyone...please keep the reply's coming. Every little bit helps...