Oh what the hell

[Feldenak]

So, I'm checking the rates for an auto loan at my credit union and they tell me I never paid off the last car loan I had with them. I have the lien free title, nothing on my credit report and no communication with them regarding said loan since they mailed me the title. The car in question has been paid off for ~5 years now.

I'm not sure I want to open this can of worms. I don't see how I can prove the loan is paid in full (other than the title I have in my possession). I've changed banks twice since it was paid off and certainly don't have the cancelled checks proving the final loan payments.

Damn damn damn damn.

 

[hiromizu]

You should be able to call your banks and get the answers you are looking for but yea, that's a PITFA.

 

[Saga]

Oddly this has actually happened to two people I know locally with a CU within the past six months. Both of them already had the title, which is essentially the proof of ownership so at that point they just laughed at the CU and told the bank to take a hike. Bank can make up as many things as it wants to or have as much fucked up paperwork/computer entry data as it wants, the reality is without the title they don't mean shit.

 

[MrChad]

It should be as simple as sending them a copy of the lien free title.

 

[Feldenak]

Originally posted by: MrChad
It should be as simple as sending them a copy of the lien free title.

Nothing is ever that simple in practice.

 

[Yreka]

Your credit report should show a status on the loan, or are you saying the loan is not on there at all ?

 

[nace186]

Originally posted by: Saga
Oddly this has actually happened to two people I know locally with a CU within the past six months. Both of them already had the title, which is essentially the proof of ownership so at that point they just laughed at the CU and told the bank to take a hike. Bank can make up as many things as it wants to or have as much fucked up paperwork/computer entry data as it wants, the reality is without the title they don't mean shit.

 

[Feldenak]

Originally posted by: Yreka
Your credit report should show a status on the loan, or are you saying the loan is not on there at all ?

There is nothing on my credit report in regards to that loan.

 

[FDF12389]

Originally posted by: Feldenak

Originally posted by: Yreka
Your credit report should show a status on the loan, or are you saying the loan is not on there at all ?

There is nothing on my credit report in regards to that loan.

Just pay your debts man.

 

[Feldenak]

Originally posted by: FDF12389

Originally posted by: Feldenak

Originally posted by: Yreka
Your credit report should show a status on the loan, or are you saying the loan is not on there at all ?

There is nothing on my credit report in regards to that loan.

Just pay your debts man.

The loan was paid in full years ago and they sent me the title.

 

[OutHouse]

if you have the title that is legal proof that the car is paid off period. i just paid off my camry and the CU sent me the title and letter saying it was paid for. i took it down to the colorado DMV and paid the 15 bucks to have a fee lein title printed up with just my name on it. it looks a lot different than the title the CU sent me.

 

[CRXican]

odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

 

[Feldenak]

Originally posted by: CRXican
odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

$4.33

 

[Yreka]

Originally posted by: Feldenak

Originally posted by: Yreka
Your credit report should show a status on the loan, or are you saying the loan is not on there at all ?

There is nothing on my credit report in regards to that loan.

Wow, you kinda got screwed then.. Car loan paid in full, on-time looks pretty good on a credit report.

I would find a new bank/CU to do buisness with. Sounds like they are pretty incompetent.

 

[Tsaico]

My first truck finance came from a CU, and when that credit union got bought by a larger one, my paid off loan got missed somehow. So when i went to the dealer to buy the current truck i am in now, i was processed as a "First time buyer" again. It was the same situation as yours, I had the lien free title, but no prove that I paid off the loan. I ended up selling the truck to the next guy anyhow with no problems. It was as if I never took out a loan at all.

The CU did report anything on it. I say, just get your lien free title and be done with it.

 

[Miramonti]

When I received my title I also received a letter saying it was paid in full (Honda Finance.)

 

[Soapy Bones]

Originally posted by: Feldenak

Originally posted by: CRXican
odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

$4.33

Not to defend the bank/CU but a small amount like that could be related to the interest charged per day for the loan. If you obtained a payoff for a specific day but wasn't processed until the next day then the interest would continue to accrue. While I would agree that the bank sent the title so it should be over and done with - it does seem like a possible explanation for why that balance is still showing. When I call to get a payoff I always try to ask what the per diem rate is so if I can't payoff immediately I know how much to add to the price for the specific date.

 

[CRXican]

Originally posted by: lather164

Originally posted by: Feldenak

Originally posted by: CRXican
odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

$4.33

Not to defend the bank/CU but a small amount like that could be related to the interest charged per day for the loan. If you obtained a payoff for a specific day but wasn't processed until the next day then the interest would continue to accrue. While I would agree that the bank sent the title so it should be over and done with - it does seem like a possible explanation for why that balance is still showing. When I call to get a payoff I always try to ask what the per diem rate is so if I can't payoff immediately I know how much to add to the price for the specific date.

That is true.

Might be worth paying that amount. They should be able to send an update to the credit bureau showing a paid loan.

 

[Feldenak]

Originally posted by: lather164

Originally posted by: Feldenak

Originally posted by: CRXican
odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

$4.33

Not to defend the bank/CU but a small amount like that could be related to the interest charged per day for the loan. If you obtained a payoff for a specific day but wasn't processed until the next day then the interest would continue to accrue. While I would agree that the bank sent the title so it should be over and done with - it does seem like a possible explanation for why that balance is still showing. When I call to get a payoff I always try to ask what the per diem rate is so if I can't payoff immediately I know how much to add to the price for the specific date.

Some communication would have been nice. I realize this is a rather small credit union but no communication from them in 5+ years until I inquire about their auto loan rates? I don't use this CU for regular banking but they generally have good rates on home/auto loans.

 

[radioouman]

Originally posted by: Feldenak

Originally posted by: lather164

Originally posted by: Feldenak

Originally posted by: CRXican
odd that the loan isn't on your credit

Sounds like you're ok as long as you don't want another loan from them. Did they say how much you "owe"?

$4.33

Not to defend the bank/CU but a small amount like that could be related to the interest charged per day for the loan. If you obtained a payoff for a specific day but wasn't processed until the next day then the interest would continue to accrue. While I would agree that the bank sent the title so it should be over and done with - it does seem like a possible explanation for why that balance is still showing. When I call to get a payoff I always try to ask what the per diem rate is so if I can't payoff immediately I know how much to add to the price for the specific date.

Some communication would have been nice. I realize this is a rather small credit union but no communication from them in 5+ years until I inquire about their auto loan rates? I don't use this CU for regular banking but they generally have good rates on home/auto loans.

It sounds like you have everything that you need to prove that the loan should be closed out. Try communicating with them and get this taken care of!