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The bank will not release the tile of my car because of late fees.

Discussion in 'Liens & Encumbrances' started by Barreira, May 21, 2014.

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  1. Barreira

    Barreira Law Topic Starter New Member

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    The financing institution that financed my car is not releasing the title to my car, they tell me that the car has been paid off but there are remaining late fees as well as other fees that were left on the balance and those fees sat on their office accumulating interest for a year. They tell me that they wrote off the fees (debt) but will not release the title unless I fay those fees. The value of the car according to KBB is almost the same as the fees.... $1,100. I think is ridiculous and the representatives I have talked to agree with me but they tell me the that there is nothing they can do, they do not waive any fees or offer any settlements. I now need to trade in my car and my credit score has lowered significantly since they charge off the "fees" and worst part is I can't get the tile to trade in my car.

    I cant seem to be able to locate my original agreement/contract because it was over 5yrs ago and several moves later I cant find it. Can someone PLEASE pretty please guide me in the right direction?

    I have contacted FDMV and they were not able to advice.

    Thank you
    Maggie
     
  2. Betty3

    Betty3 Super Moderator

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    Your only option might be to pay off the fees. You can hold for other replies/suggestions.
     
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  3. mightymoose

    mightymoose Moderator

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    Perhaps if you are willing to pay anything at all you can negotiate a lower amount. You are going to have to pay something.
    You should have addressed this long ago when you did not receive the title after stopping payments.
     
  4. army judge

    army judge Super Moderator

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    You've gotten yourself into a pickle.
    You can just forget paying the fees, use the $1,000 to buy another car.
    Take the car to their offices and thank them for nothing.
    The car's worth nothing, they've ruined your credit.

    Let me be clearer:

    You have a car with a BB value of about $1,000.

    You owe fees to the lien holder of about $1,000.

    You want to purchase another car.

    Even if you paid off the fees, got a clear title, the best a dealer would offer you in trade on the car you own is about $300 to $400.

    So, why not take the $1,000 (assuming you can get it), and buy another car?

    Heck, even if you had $500, that'll get you into a car, probably better than the one you own.

    If you look real hard, maintain lowered expectations, you can get a new car with just $500.

    It won't be a Benz or a Beemer, but you can get into a new, low end Suzuki, Kia, Hyundai, Chevy, Ford, or comparable car that starts around $10,000.

    Good luck.
     
    Last edited: May 21, 2014

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