Question:

My car note????

by Guest61722  |  earlier

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My car note is due on the 21st of every month. On 6-10-08 the finance company sent me my statement and a couple days later the finance company sent me a letter saying they appreciate my business and they hope to have me backas a customer so I logged in to my account and it was like someone paid my entire car note off for me. I had no payment due or no overall balance. I called and the finance company kept saying my car was paid off and they sent me a paid in full letter and a lein release. They also put the car on my credit as paid in full. I recieved the title a couple days ago what do you think about this and is it anyway I can get in trouble if I didn't do anything wrong? Can they find the mistake they made and come back to me and destory my credit?

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3 ANSWERS


  1. No, they can't do that. Print out that page saying you owe nothing, or take a screen capture of it if you know how. If you're smart, and I hope you are, you will put the remaining payments in a bank or money market account every month. they can come back for the payments, but not interest or penalties. You do still however still owe the money. Basically the law says, that people and companies are allowed to make mistakes. If they say you're paid off, but you are not, they can correct the error later. There may be a statute of limitations on them. I'm sure they would have trouble coming after you after maybe 2 years. If you want to be totally safe, but risk having the error corrected immediately, you can send a certified letter explaining to them the situation. Keep a copy and the mailing receipt. Lord help them if they try to damage your credit over this. You would sue and win.


  2. First of all, do you know anyone who won the lottery?

    Keep every scrap of paperwork the bank sends you on this matter.  Also open another account - maybe at a different bank, since yours seems to have recordkeeping problems - and make your regular car payments into it.  Don't cheat!  It's important you do this like clockwork, every month.

    If the bank comes back in a few months and says they were mistaken, oops, sorry about that but you owe us $X,000 dollars in back payments, pay up now or else, then you've got the money ready to go PLUS all the incriminating evidence that the s***w-up was entirely theirs.

    Should you ever talk to anyone official about this, take COPIES of all the paperwork you've gotten.  DO NOT EVER RELEASE YOUR ORIGINALS.

    All of that said, and I'm sorry for some of the more alarming language I may have used, I think you're in the clear.  Here's why:

    They signed the title over to you.  That makes you the legal owner of the car, no further questions, case closed.  Keep that payments savings account going for six months or so.  If nothing further comes up, take the money out and go to Jamaica.

    Have fun!

  3. 1..keep saving your payment...another co may have bought the loan and messed up the paperwork....2 you will not be in trouble...if you called the co and they told u all was ok....all is ok...if you have the title with no lienholder...do a dance......but keep puttint the $ away...worst is you end up paying...best is you have a bunch of cash
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