They asked if I had already registered the bike... which I did, about 4 months ago. They were asking because they haven't gotten a copy of the Title. I said, I can send you a copy of my registration but then she asked if I had a copy of the title, I do. Now they want me to check to see if they are listed as lien holders, if not she said they would pay for the process to add them as lien holders.

Does that mean I already own the bike? Should I stop paying? What should I do, should I add them as lien holders? hehe.. thinkin maliciously...


Ok, so I won't stop paying, but I just wanted to get some input/share it with you guys...

 

You're holding the title. You own the bike.

Seriously though how did you get a copy of the title??? It's supposed to go straight to the lein holder.

 

It just means someone screwed up some paperwork. You still have loan papers you signed and you still need to make payments. Let them pay to have the title corrected to show them as leanholder.

 

In the end if there was a 'clerical' error, you will not win. If you owe the money...pay them. Now, if you don't want to waste your time doing their paperwork...don't.

 

I had a similiar situation yrs ago.Where the bank direct deposited the amount into my checking then when bought the bike I wrote a check I kept it at dealer for the winter seeing I bought it first part of november then I was going there after work putting some miles on it to get break in done.thought it was kinda funny they kept putting a dealer plate on it when id take it out but not alot of thought. So few months go by bank calls me wondering if I have the title which I dont.Now I am sorta mad about it thinking the bank was thinking I was trying to pull a fast one on em.So I called the county where its sposed to be registered they listen to the story then told me they were gona contact the state on the dealer. To wrap up the story bank gets it title seveal days later.What it amounted to was dealer was prob using my bike for colaterall to show there banker.So if theyd happen to have closed there drs while my bike was in there shop it could have been a mess. I went got my bike out of there the next day after that crap

 

Without being named as a lienholder on your title, the lender's loan is unsecured. Depending on what the note says, the lender may be able to immediately call it due. Most promissory notes have language in them requiring the borrower to "cure" what are known as scrivener's errors (paperwork mistakes) so long as your position would not be materially different than it would have been had the paperwork been correct.

To make a long strory short, unless you are getting screwed by the lender for no fault of your own, they can insist that you sign the document correcting the problem or they can probably demand immediate payment in full on the loan.

Choose carefully, Grasshopper.

 

Yeah, I never intended to stop paying the bill, that would be a huge mistake and probably lead to me getting into financial/credit problems. I'm surprised they took this long to notice they didn't have my title.

I found it weird when the dealer gave methe title directly. When I went to register it they never asked for it.

 

MO now asks where you want the title sent. Most lien holders do want the actual document but it is not necessary as long as they are listed as the lien holder. The last bike I bought I borrowed about half of the money for 6 months. The lien holder did not want the title and just told me to be sure the bank was listed as the lien holder.

We have also bought two '06 pick up trucks and I have both titles in the safe. Each one has the lien holder listed on them. When you pay off the loan you will get a "lien release" which is just a letter or statement indicating you have paid it off. You staple this to the title and when you sell the vehicle be sure the new owner gets the statement.

 

Same sh*t happened to me when I bought my last bike. Quit making the payments and find out who owns the bike.

 

In MI the purchaserwouldget the title, even if there is a lein holder... lein holder just has to sign off before it is sold if there is still a lein on it