Bad Situation: I Bought A Car Without a PinkSlip
#16
Ok, I just personally called Chase Manhattan too and spoke to one of their representatives. I explained him the situation filed a Lien Release request.
The car was paid off so long ago that it is no longer on their main computer system so they have to dig thru the old school boxes and stuff. The Chase rep explained that this occurs occasionally because, unlike today, a lien release isnt transferred electronically back then . Once the loan is paid off in full, the lender mails out a lien release in which the owner must take to the DMV. So many times the owners get lazy, never bother going to the DMV or mailing it in, and just keep on registering their cars annually as usual.
The rep said that loan should be found within 2-3 days after digging through and a Lien Release should be mailed to me shortly after. Hope this resolves everything because, according to the DMV, the car is rightfully registered to the guy and that Chase is the lienholder.
The car was paid off so long ago that it is no longer on their main computer system so they have to dig thru the old school boxes and stuff. The Chase rep explained that this occurs occasionally because, unlike today, a lien release isnt transferred electronically back then . Once the loan is paid off in full, the lender mails out a lien release in which the owner must take to the DMV. So many times the owners get lazy, never bother going to the DMV or mailing it in, and just keep on registering their cars annually as usual.
The rep said that loan should be found within 2-3 days after digging through and a Lien Release should be mailed to me shortly after. Hope this resolves everything because, according to the DMV, the car is rightfully registered to the guy and that Chase is the lienholder.
#18
Originally Posted by xknowonex
The Chase rep explained that this occurs occasionally because, unlike today, a lien release isnt transferred electronically back then . Once the loan is paid off in full, the lender mails out a lien release in which the owner must take to the DMV. So many times the owners get lazy, never bother going to the DMV or mailing it in, and just keep on registering their cars annually as usual.
The rep said that loan should be found within 2-3 days after digging through and a Lien Release should be mailed to me shortly after. Hope this resolves everything because, according to the DMV, the car is rightfully registered to the guy and that Chase is the lienholder.
The rep said that loan should be found within 2-3 days after digging through and a Lien Release should be mailed to me shortly after. Hope this resolves everything because, according to the DMV, the car is rightfully registered to the guy and that Chase is the lienholder.
#19
Originally Posted by xknowonex
Hmm. On our Bill of Sale, we mentioned that the car didnt have a pink slip and that it is free of incumberances. Since this guy owns a nice house in Laguna Beach that he bought the car back then, I'd really really highly doubt if he currently owes money on it. Could it be that he never filed the papers for the pink slip after paying off the balance?
Well its a one owner according to CarFax. Also all the Tustin Lexus receipts from all the way back has his name on it or his wifes.
Well its a one owner according to CarFax. Also all the Tustin Lexus receipts from all the way back has his name on it or his wifes.
#22
Well, it looks like everything is going to work out for you but this could have been a very costly mistake. Whenever a situation like this comes up and you want to buy the car DO NOT, I repeat, DO NOT give the seller anything more than a small deposit (by check) to hold the car until the SELLER gets everything straightened out and can give you the title in hand. Always put any stipulations in writing on the bill of sale and have both parties sign it along with a witness. It's also a good idea to put a time table on the stipulations so that it can't drag out forever. Good luck with the car.
#23
Originally Posted by xknowonex
Ok, after losing my first car down a mountain, and now dealing with this crap. This car better be worth it. This car better pull off somethin for me down the road, like a major hottie.
Mountain roads are a ***** arent they? But yet so intoxicatingly addicting! Heres a word of advice... SC300s are Understeer queens in stock trim.. They understeer as much if not more so then a S13 240sx.
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