<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sil665:
In October of 1998, we bought a vehicle and had it financed. In September of 1999,The state we live in sent a clear title for this vehicle to us. We have continued to pay for the vehilce just as we have agreed to do. the problem is now,May 2000; The finance company has sent a letter to us demanding wwe turn the title over to them with a signed release form that we have never heard of.They did not specify a name for this form.
We are afraid they may be trying to take this vehicle away from us.We have heard stories of some finance companies doing this before. Can We keep the title as is,and continue to forfill our payment obligation?
Are there Laws that protect the consumers from companies like this one?
Any help is greatful. Thank you. Sil665<HR></BLOCKQUOTE> Your very nice apology is accepted.
My response:
Your receipt of "clear title" was a mistake. The finance company (FC) and you both agreed that the FC would be the "lienholder" and "legal owner" until the loan was paid in full. The FC is entitled to the Title because it is their "collateral" for the loan. For example, if you should fail to make payments, it allows the FC to reposses THEIR car (it's not yours until paid in full). If you should force them to take you to court over this matter, they will win, and the FC will also make you pay attorney's fees and costs, as you also agreed under the loan contract. I would turn it over to them on a voluntary basis. You cannot, legally, take advantage of an obvious error. The paper that they want you to sign is call an "assignment of Title" which, in effect, states that you acknowledge the error and that you attest to the fact that the car belongs to the FC until paid in full.
Good luck to you.
IAAL
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