My question involves a consumer law issue in the State of: Virginia
I initially bought my car in the state of Florida.
I had to move because of my job, to the state of Virginia.
When I purchased the car, brand new, the loan was with a bank and the title was in the state of FL.
When I moved, I did register the car in the state of VA.
This transfer of registration, to the state of VA, happened back in 2015.
Now, should this not have been the responsibility of the bank, to have requested for an electronic title, to be transferred to the state of VA??
Correct me if I am wrong, but as a customer, there is no way anyone would know if this transfer of title from one state, to another, ever occurred.
How would I track this, without going to the DMV for something related to my title.
I was not planning on selling the car anytime soon.
Had I not refinanced, I would have never known.
Fast forward to June of 2016 and I start to feel that I am paying too much towards my payment and decide to refinance my car with another bank.
Everything goes through by June 20 and Bank#2, pays off my loan with Bank#1.
I even have a "loan paid off" letter from Bank#1
Now the bank sends me a notice saying they have not received my title yet.
I freak out.
I call Bank#1 in the month of Aug 2016, and ask them what is going on.
They say it should have been sent out and there must have been some mistake.
I was under the impression that Bank#1 was still working on it and left it there for about 2 weeks, until I got the second notice from Bank#2, dated September 12, and they needed the title with their name on the lienholder field.
I call Bank#2, and tell them what happened. I ask them to reach out to Bank#1, to confirm and apparently no one from Bank#2, can contact Bank#1, directly.
It came down to me, mediating between Bank#1 and Bank#2 on what ever was going on.
Turns out, when I did the transfer, back in 2015, Bank#1, overlooked getting the title transferred to the state of VA.
Even when I had sent out all the details regarding why and when I was getting the car registered in the state of VA.
Now, Bank#2 has sent me the 3rd and final notice saying they will either repossess my car or jack up my interest to 18%.
I can't pay 18%.
The very reason I refinanced was because I didn't want to pay 4.9%....
I'm really tired of this back and forth.
I'm actually clueless on what the next steps would be.
I was going to call Bank#1, one last time to see what they can do, but I am not hoping for a miracle.
Can anyone help me understand, if it's just me who is having these issues with out of state titles and refinance, or is this what it is supposed to be like?
I am not only losing my mind on this but my relationship with Bank#2, is getting worse. They don't seem to believe in what I am saying. Bank#1, tells me that they "will raise a research request to investigate this issue and someone from our bank will call Bank#2. Our turn around time is typically 5-7 business days.".
I told Bank#2 these words and this is on record.
But after 10 business days, nothing.
No call, nothing.
I am being kicked around like a soccer ball here.
Can I pursue this legally and take a legal action on Bank#1 for having done a crappy job with my loan and for all the strain this has caused to me?
Any help with this would be great!
Thanks!!!
I initially bought my car in the state of Florida.
I had to move because of my job, to the state of Virginia.
When I purchased the car, brand new, the loan was with a bank and the title was in the state of FL.
When I moved, I did register the car in the state of VA.
This transfer of registration, to the state of VA, happened back in 2015.
Now, should this not have been the responsibility of the bank, to have requested for an electronic title, to be transferred to the state of VA??
Correct me if I am wrong, but as a customer, there is no way anyone would know if this transfer of title from one state, to another, ever occurred.
How would I track this, without going to the DMV for something related to my title.
I was not planning on selling the car anytime soon.
Had I not refinanced, I would have never known.
Fast forward to June of 2016 and I start to feel that I am paying too much towards my payment and decide to refinance my car with another bank.
Everything goes through by June 20 and Bank#2, pays off my loan with Bank#1.
I even have a "loan paid off" letter from Bank#1
Now the bank sends me a notice saying they have not received my title yet.
I freak out.
I call Bank#1 in the month of Aug 2016, and ask them what is going on.
They say it should have been sent out and there must have been some mistake.
I was under the impression that Bank#1 was still working on it and left it there for about 2 weeks, until I got the second notice from Bank#2, dated September 12, and they needed the title with their name on the lienholder field.
I call Bank#2, and tell them what happened. I ask them to reach out to Bank#1, to confirm and apparently no one from Bank#2, can contact Bank#1, directly.
It came down to me, mediating between Bank#1 and Bank#2 on what ever was going on.
Turns out, when I did the transfer, back in 2015, Bank#1, overlooked getting the title transferred to the state of VA.
Even when I had sent out all the details regarding why and when I was getting the car registered in the state of VA.
Now, Bank#2 has sent me the 3rd and final notice saying they will either repossess my car or jack up my interest to 18%.
I can't pay 18%.
The very reason I refinanced was because I didn't want to pay 4.9%....
I'm really tired of this back and forth.
I'm actually clueless on what the next steps would be.
I was going to call Bank#1, one last time to see what they can do, but I am not hoping for a miracle.
Can anyone help me understand, if it's just me who is having these issues with out of state titles and refinance, or is this what it is supposed to be like?
I am not only losing my mind on this but my relationship with Bank#2, is getting worse. They don't seem to believe in what I am saying. Bank#1, tells me that they "will raise a research request to investigate this issue and someone from our bank will call Bank#2. Our turn around time is typically 5-7 business days.".
I told Bank#2 these words and this is on record.
But after 10 business days, nothing.
No call, nothing.
I am being kicked around like a soccer ball here.
Can I pursue this legally and take a legal action on Bank#1 for having done a crappy job with my loan and for all the strain this has caused to me?
Any help with this would be great!
Thanks!!!
Transfer of Title: Bank Has Not Released Lien and Title After Refinance of a Car Loan
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