Auto Loans Strange situation: Finance Company says loan is paid

[toddsmom]

I paid off my car loan via online withdrawal from another account. I received the lien release but when I checked my account the money had been taken out then re-deposited back into my account! I called the account that the money was to be withdrawn from, they said it was nothing on their part. When I call the finanace company they say the loan is paid! What should I do? I have the money, the lien release and a paid loan!

 

[presutin]

Do not spend the money and wait until their systems "talk" to each other. It is very common for transactions to remain as pending in between systems and once they post everything, they will realize that they never really got the money out of your account as they should have. If you have not received the title, then you still are not the final owner of the car. Hope this helps!

 

[toddsmom]

Actually I do have the title (I live in Michigan) and I have a lien release from them. I was also shocked when I looked at the title and it did not even have a lien listed even though I had an auto loan.

 

[presutin]

That is definitely characteristic of those financing companies - sending everything out without making sure all the steps were covered... Anywho, I still think you should not spend the money until they catch on their own mistake. Good luck to you!