A few weeks ago I received the title to my 2006 Evo IX in the mail. The title was in my name with no bank listed whatsoever(I still owe about 19k on the car ). I called up the registry of motor vehicles to see what was up and I was informed that the leinholder relinquised ownership of the car in the beggining of December which is why I received the title.
Upon hearing this I called the bank all the while wishing that somehow my almost 20k debt had been wiped clean by some kind of computer mistake. That was not the case as they told me the figure that I still owe on the car $19,xxx. I did not mention to them that I had received the title in the mail. I ran the situation by some of my buddies from work and their reaction was to call a lawyer and that maybe through some mistake of the bank I could get out of paying the remainder of the loan.
It dosen't seem to me like I could somehow get out of the loan since there is a signed agreement between the bank and I. On the other hand I do have the title from the registry which makes me the sole owner of the automobile right?. Does anyone have any clue what could have happened here?

 

Id say you have the title the car is yours,best to check with a lawyer though.

 

You are the sole owner then but you still have a signed agreement on the loan. They are no longer holding your car as collateral but you still owe them the loan ammount. You can renig on your payments and they won't reposess the car, but you will damage your credit. That is the short and sweet...feel free to confirm it with any lawyer

 

You still owe the money. The right thing to do is to keep paying like you have been. Don't try to get out of it.

 

They could also invalidate that title, showing the lien that still remains to be paid.

You're never free and clear until you have the title and a paid in full letter.

I'd continue paying if I were you.

 

+1 except that they could eventually take the car.

 

Highly doubt you can get out of the loan....and you could lose your car

 

My guess would be that state screwed up. I know it's hard to believe but I'll bet that's the case. Read the fine print on your loan agreement.

 

same kinda thing happened to me...i received my title a few months after i got the evo even tho i still owe 8k on it. even tho theres a lein on it, u still get a title for whatever reason u can think of. it doesnt mean the bank forgot about u. even tho u dont "own" the car ur still the operator and u need a title for legal reasons or if u wanna sell it or trade it