xknowonex

iTrader: (2)

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.

Cloud9

iTrader: (2)

sounds like everything is working out

this could potentially have developed into a worse situation. chalk it up as a lessoned learn.

CK6Speed

iTrader: (1)

Sounds like things will work out for you. This is exactly what I thought though. More than likely the lien release paper work and title were mailed to the owner long ago when he paid off the car, but he either just forgot all about it, or maybe it got lost in the mail. The other thing could be that Chase just screwed up and forgot to send him the paper work. I'd bet he just forgot all about it though and keept registering the car as is just as the DMV said.

JspecSC3

iTrader: (4)

My SC300 is currently being financed through MeriWest Credit Union. They are the leinholders UNTIL I pay the loan amount in full. Then I can just go in and have a chat with the loan officers about getting my title back right then and there. The guy who sold you the car should be able to do the same instead of waiting for stuff to be processed or mailed. Believe me, it takes a loooooooonggg time. Because I had bought the car through the bank, It took the DMV almost 3 months to send me my registration. I went ahead and just got insurance from a company called SCJ without having to show them registration. I just showed them the reciepts and that was enough for them. So your best bet is to just have the guy go the to CHASE and ask them for it back in person.

JspecSC3

iTrader: (4)

See, good stuff.

mikeloc24

I should be receiving my title within the next 2 weeks...car is finally mine!!!

jeremyp111

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.

Inabj2

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.