Anyone have trouble getting your title after payoff?

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BlueRockCrawler
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Anyone have trouble getting your title after payoff?

Post by BlueRockCrawler » Tue May 26, 2020 2:36 pm

I financed my bike through Freedom Road financial who, for some reason a year or two ago, sold the note to Sheffield Financial. Maybe some of you could explain why they did that, my guess is that since I was always on time and usually more than what I owed, they weren't making any money off of late fees. The problem is that Freedom road, who I signed a contract with, has a 10 day wait period to get your title after payoff. Sheffield, who I signed no contract with, is telling me I have to wait 30 days, and, that they won't even release the lien until after that 30 days despite the loan being paid off with a certified electronic transfer. Oh, and because of the current pandemic, that could be up to 45 days before they release the lien. Needles to say, I'm pretty w@$#ing irritated as I feel that they're making money off of my asset being in their portfolio while I'm not able to use that asset for my own financial interests. LOL, even trying to get rid of this bike has its own irritating quirks. :feelsgood: :brickwall: Has anyone else had any dealings like this? All of my paid off vehicles have had some sort of waiting period for the title, usually under 2 weeks and I understand the logistics of a large company mailing out a paper title. This seems like some sort of shady practice. Anyone else have any problems getting their property after it was paid off?
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glacoste
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Re: Anyone have trouble getting your title after payoff?

Post by glacoste » Tue May 26, 2020 2:45 pm

Submit a complaint to the BBB. Look up the location of the business, you'll need that for filing a complaint. You can do it all on line.
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BlueRockCrawler
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Re: Anyone have trouble getting your title after payoff?

Post by BlueRockCrawler » Tue May 26, 2020 3:28 pm

I'm not sure how this helps me anymore than posting my rant on here but OK, it's done. If I thought it would help, I'd get actual legal council and sue them. But, that would likely take a)money b) more than 45 days and c) I'd have to show actual monetary damages.
2020 KTM Duke 790
2018 Suzuki DR 650
previous bikes were
1993 Suzuki DR 650
2015 Ural Patrol
1996 750 Magna
2002 750 shadow A.C.E.
2004 919
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tgtrotter
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Re: Anyone have trouble getting your title after payoff?

Post by tgtrotter » Tue May 26, 2020 4:54 pm

That $#!+ just pisses me off too !

I had a vehicle loan that was sold and I made every payment on time. When I paid all the payments the lender (2nd) said there was a fee ( $36.00 ) to obtain title. WTF BS I told them. I waited a few days while it went to upper management who came back and said when the loan was sold to them the original lender had delayed some transfer of funds or docs and that the $36.00 was interest "I" owed. NO, all my interest was in my payments. I explained it sounded like their problem. After more hassle I finally got my title but I think I did have to pay something or they tried guilt tripping me as I was getting a favor being let off.

NOW HERE'S THE IMPORTANT PART. In CA if you have a lien on your vehicle, the lienholders name is typed on your State registration card carried in your vehicle. . When you pay off your loan the lien is not automatically dropped from your Reg. It is up to you, the owner to file the pay off and to remove the lienholder from your Reg card with the CA DMV. If you don't an unscrupulous lender/lienholder can or may cause you future troubles. Now don't think, hey I've bought a vehicle with a lienholder typed on the Reg card and took that and the Title and had it transferred successfully. Yes you did and that is when the lienholder was "officially " removed.

Sorry about the long reply. I never listened to my Mother when something like this happened to her. She resided in Nevada, bought a trailer ( 20' farm type ) in Texas. Later Texas said there was a lien although my Mom had a title signed by the lienholder from the seller. They claim the seller/owner didn't do their part of removing the lienholder or it was fraudulent. Doesn't make sense.

Lastly. depending on time and energy , call them everyday for your title. Hopefully in their organization someone somewhere somehow will fast track the release.

Good luck. No problem about the venting.
That $#!+ pi$$ed me off too.
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stagewex
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Re: Anyone have trouble getting your title after payoff?

Post by stagewex » Tue May 26, 2020 9:33 pm

After the lease ran out on my Wrangler I was ready to get another but then saw the buy-out (I put too much down) being so low I almost had to buy it myself. Buy-out was $14K and KBB was $21K.

Jeep/Chrysler finances thru Ally Bank. It took about a month + to get the actual title. Since I was keeping the car it was no big deal but you'd think after you send them a bank check for the full amount and they cashed it, it should be quicker than that.
Last edited by stagewex on Wed May 27, 2020 9:43 am, edited 1 time in total.
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Kilometers2
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Re: Anyone have trouble getting your title after payoff?

Post by Kilometers2 » Tue May 26, 2020 10:38 pm

Family Security Credit Union in Alabama told me they only had 2 employees that process titles for the northern half of Alabama and that it would take 30 days to get the title. They were right, 3 times.
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Re: Anyone have trouble getting your title after payoff?

Post by Peter Pan » Wed May 27, 2020 10:06 am

In Costa Rica I once was forced to pay the daughter of the sales company owner (their lawyer) for her to unregister the credit note at the national vehicle register and fill in my name as 100%owner....
That was about 2 years after pay off. I noticed it until the moment I wanted to sell the scooter and the buyers notary said "no go". Took the sales company's lawyer/daughter over a month and about 2 more monthly quotes in form of lawyer fees... Luckily the buyer didn't jump off the handshake deal.

Never again returned to that "honorable" company.
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Re: Anyone have trouble getting your title after payoff?

Post by Lofty » Fri May 29, 2020 6:20 pm

On the day that my truck note was paid off, my credit union released the lien electronically. That is to say, their system sent a message saying "He's good now!" to PENNDOT, who holds the vehicle title in trust, so to speak.

~2 weeks after the date of the payoff, the title arrived in the mail. As expected. No muss, no fuss.

I don't finance motorcycles, and am therefore at the mercy of how quickly the selling dealership does, or does not, submit their paperwork package to PENNDOT for processing. If I can authenticate that the forms were submitted within a day or two of me riding away on my new bike, the aforementioned 2 week wait time for the hard copy title also applies.
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Snakeoil
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Re: Anyone have trouble getting your title after payoff?

Post by Snakeoil » Sat May 30, 2020 10:11 am

I've heard of similar tales of woe involving mortgages as well. One individual had his mortgage sold so many times that the payments never caught up with the final lender of record and was told he still owed thousands on his home when it was actually paid off. Fortunately, I learned about this practice early in life and chose my lenders carefully after that. Credit Unions as a general rule never sell mortgages or loans because they are a membership organization, not a business. I have not had a load on anything in years. But if I were to get one, it would be from a credit union.

In NY, you get a title in your name even if you have a loan on the vehicle. The title shows a lien holder on the title. So, you still need to get a lien release to clear the title. In NY the lender must file the release with DMV which helps the owner. The state carries a little more clout than Joe Average Citizen.
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