My question involves an auto loan or repossession in the State of: Texas.
I was hoping I could get some advice. About 3 years ago I was late on an unsecured loan at my local bank. They sent it to collections and they offered me a settlement (I think it was 40% off). I agreed and that was that. During this time I also was paying a car payment at the same bank. 2 years later, after I paid the car off they tell me they will not give me the title due to the settlement I agreed to 2 years earlier. Of course, I had no idea agreeing to the settlement would result in this. The vehicle is 11 years old and has a bad transmission. I hate to spend $2000 to fix it. I'm not sure it's even worth that much. But I don't know what to do with it. I'm sure I can pay the bank the 40% and get the title. But it seems to me, since the car was paid off I should be entitled to the title. I completed that contract in full. Can I legally sell the car (without title) or even give the car away? A junk yard might want it, but I'm not even sure I can legally sell it (or give it) to them. Can anyone offer any advice? I'd certainly be willing to pay legal fees for an attorney if I thought it would do any good. But I really just need to get rid of the car. Thank you!
I was hoping I could get some advice. About 3 years ago I was late on an unsecured loan at my local bank. They sent it to collections and they offered me a settlement (I think it was 40% off). I agreed and that was that. During this time I also was paying a car payment at the same bank. 2 years later, after I paid the car off they tell me they will not give me the title due to the settlement I agreed to 2 years earlier. Of course, I had no idea agreeing to the settlement would result in this. The vehicle is 11 years old and has a bad transmission. I hate to spend $2000 to fix it. I'm not sure it's even worth that much. But I don't know what to do with it. I'm sure I can pay the bank the 40% and get the title. But it seems to me, since the car was paid off I should be entitled to the title. I completed that contract in full. Can I legally sell the car (without title) or even give the car away? A junk yard might want it, but I'm not even sure I can legally sell it (or give it) to them. Can anyone offer any advice? I'd certainly be willing to pay legal fees for an attorney if I thought it would do any good. But I really just need to get rid of the car. Thank you!
Loan Agreements: Bank Won't Release Car Title
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