Repossessing a car?

[Mel Fulks]

Years ago after I sent in the last payment on a car loan, I soon got several letters and phone calls saying I had to pay a fee
of aprox 70$ or they would repossess the car I HAD JUST PAID OFF. All the demands came from another state and were hostile and threatening in tone. Went to a
local branch of the bank and was frankly told that the loans that were made through the dealership finance offices had a
contract provision that at loan end charged a fee for any late payments....even though the several late payments had been
been augmented by the required late fee. They told me such fees were not legal in this state and that they were required
to send out title within a certain number of days after getting final payment. So the demands were nothing more (or less)
than a crooked shakedown. Lavish spiffs and commissions for their employees figure into these things and explain why all
the calls and letters said the payment needed to be sent to their particular attention.

[Curt Harms]

For me, it really has more to do with what is the "right and proper thing to do". It really doesn't matter whose mistake it was, what matters is that there was a mistake, and all parties should do all they can to correct it. No need for anyone to get all pissey and point fingers trying to blame everyone else but themselves, just fix it. No one should profit or suffer from a simple clerical error.

That is what this seems to be and it's unlikely Wade would gain anything from not complying with the request. The loan still exists and even though the lender may have to jump through additional hoops I'm sure they could protect their interest whether their name was on the title or not. On the other hand, if the lender had simply said "Sir, we screwed up. Here's an post-paid envelope with tracking data. Would you be kind enough to send the title for your encumbered vehicle to use so we can rectify this oversight, please?" there may be fewer ruffled feathers.

[Wade Lippman]

I hope the unexpected cash outlay doesn't cause you any issues although I'm certain you wouldn't have done it if it had.

I only financed it because the dealer offered me another $500 off if I did (apparently he got some sort of kickback); and I thought it might improve my credit rating if I actually financed something. I hate to think what it will do to my rating now, but I guess if I don't ever finance anything, it doesn't much matter.

On the plus side; the stock market went up 12% between when I financed and when I paid it off. So with 1.6% interest, I made 10%! I benefited, the auto dealer benefited; only the finance company came out poorly. Justice!
Of course, that assumes they don't still repossess, which would make about as much sense as the rest of what they did.

[Wade Lippman]

Okay, paid off three weeks before the deadline.
Do I need to get anything from them? They are not on the title and I have a print out of their website saying "paid off", but do I need any document from them commemorating the event?

Actually I overpaid $1.85; can't wait to see if they refund it.

[David Weaver]

They will refund the $1.85. i can't imagine you have to do anything to get them on the title, because you've paid, but they may request you do it retroactively so that they can prove what you paid for.

IANAL (I am not a lawyer), but I can't imagine that they'd have any legal right to repossess the car now that you've paid in full.

[John Coloccia]

I suggest you get a lien release.

[Phil Thien]

I suggest you get a lien release.

Maybe write them a snotty letter demanding one.