Cross collertal

[Pops]

My wife took out a car loan with a credit union we both bank at. I have a defaulted loan there. I was the co borrower on her loan. The car is paid for but they will not give her the title. It has been two years since the loan was paid in full. They are holding the title because I still owe money on my loan. Can they do this to her?

 

[army judge]

They aren't doing it to her, but to you.
As a guarantor on her loan, they're holding the title in abeyance until you pay your alleged debt.
Your mistake was in placing yourself on the loan.


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[Pops]

Thanks. Live and learn.

 

[Pops]

The car was wrecked and the insurance company scraped it. There is some money to be collected but we can't get the title. Can the credit union use that title and collect the cash even though my wife paid for the car? The loan was paid in full.

 

[army judge]

You should receive your I durable interest. You don't need the title to receive your payout. The issue is whether the lender still has a lien on the title. I suggest you discuss this with the president, or other high ranking officer of the credit union.


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[Pops]

Ok. Insurance company is wanting a title. How do I approach that since the car is a total loss. Like I said there is some money to be collected. Insurance was up to date and still is even though the car has been totaled. If I don't need the title how can I collect the pay out. Again thank you Army Judge for your assistance with this matter. If legal help will be my best route then were prepared to go that route.

 

[army judge]

Again, discuss this with a high level credit union official. Let them know they'll get paid,if they release the title to the insurance company. That way you get them off your back. If you're trying together the money and avoid paying the CU, that could mean you're trying to defraud someone. Whatever you do,don't try that. You owe the money, do it the right way. Shortcuts and tricks an create bigger problems.


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[Pops]

Your right. Working on a solution. Will read all contracts front and back and will never take someone's word again. Business that is. Thanks again.

 

[guestposter]

Update. I got the title for the car. The bank and I were able to work out a new loan for the negative balance and it's as good as its gonna be. Thanks to Army Judge and his sound advice it all went smooth. This app was a life saver.