Finance Company dispute

[bobbip]

In Sep 1999 we purchased a used car, borrowing $1500 from a finance company, we had an existing balance from a previous loan with them. In Dec 99 the car was wrecked, considered totalled by the insurance company and a settlement amount of $2350 was sent to finance company in Apr 2000 and applied to our account reducing our balance due. After several attempts I have been unable to obtain the title to this vehicle as they are telling me they are holding this title to secure the previous balance we owed them. I feel we are entitled to this title as the car has been paid off by insurance, am I correct? We are in Tennessee. Thanks for your help.

[This message has been edited by bobbip (edited September 28, 2000).]

 

[peter]

Were you making 2 separate payments?

Then you should get title, if you rolled the other loan into this one, then you must pay off the TOTAL loan before they release title.

 

[bobbip]

Peter,

No, unfortunately it was made one loan, I guess I'm stuck huh? Thanks for your response.


<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by peter:
Were you making 2 separate payments?

Then you should get title, if you rolled the other loan into this one, then you must pay off the TOTAL loan before they release title.<HR></BLOCKQUOTE>

 

[peter]

I guess you are stuck...unless you can prove that the $2350, that was paid tho the finance company was the FULL oustanding debt you owed for the car.

Then maybe you court take them to small claims court and see what happens.......

Your position: the insurance company paid off the full debt on the car, since it was totalled and not driveable, and it was specified to be put as a complete payment toward the car..so it can be released from the loan.

Now if you owed MORE then the $2350 for that car....nothing you can do.