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I paid off my car loan in a few weeks ago – today I got the title in the mail . When I called to check my balance to be sure, they said I still owe 0 in late fees. They said if I don’t pay it by a certain date it would be charged off – is this true? Doesn’t that mean they would put it to a collection agency? Can they repossess the car if they sent me the title and agree that the actual car loan is paid off?

5 Comments »

1. 

   They can’t repossess the car if they sent you a title with all liens released. If the title lists you as the owner and releases the bank, you own it. However, they can come after you for late fees. When they charge it off they may or may not send it to a collection agency. Either way, it’s bad. Pay the late fees and be done with it.

   Comment by Jay P — April 20, 2010 @ 9:01 am

2. 

   They can’t repossess the car but you still owe the $450.

   Do you want that unpaid $450 to ruin your credit and possibly not allow you get another loan on a car?

   Comment by Michael T — April 20, 2010 @ 9:01 am

3. 

   if the title is in your name only then the only thing they can do is put a lean on your car till it is paid in this way you can’t sell the car to up grade with out paying the 450.00 yes they can turn it over to a collection ferm but i dought it no they won’t repo your car for that small amount you could take them to court and force them

   Comment by Forest — April 20, 2010 @ 9:01 am

4. 

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   Comment by Micheal — April 20, 2010 @ 9:01 am

5. 

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   Comment by Micheal — April 20, 2010 @ 9:01 am

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