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My sister works as an assistant manager at a bank. Recently, a customer received a letter from the bank: we have just found out your husband is deceased, and he had a car loan through us which has an outstanding balance. Please contact us for how you would like to handle this. Options include:
1. Applying to have the loan switched over to you. This would include your application to assume the loan. The bank would then give her paperwork necessary to change the title of the car to her name with the bank's lien.
2. Pay off the loan in full. She would receive a lien termination from the bank, which would allow her to do what she wanted with the loan: drive it or sell it.
Customer finds these unacceptable. No, she's going to go to the DMV with her husband's death certificate and change it into her name.
Now, I am recently retired from said DMV, and that's not going to happen. As long as there is a lien on the title, we will not change anything on the title without termination of lien or a letter from the bank giving us express permission to change the owner's name. My sister and I have talked about things like this, and my sister knows that the customer is out of luck.
Customer refuses to believe her, and stomps out, saying that she is going there and WILL do it.
Two days later she is back (I assume she spent the intervening day at the DMV only to be told No). She wants the bank to just change everything over without her having to fill out any pesky applications. Customer ducked away from my sister, but whaddya know? The full manager told her the same thing.
Customer snatches the title. She is going back to the DMV, and this time she is going to tell them that she lost the title (DMV won't be able to "see" the lien) and needs to change the owner's name.
Like this title says: Think Again. Two seconds is all it is going to take: type in the VIN into the computer and up pops the lien. Does anyone in this day and age actually believe that we don't have computer records? That we just take your word for anything?
I figure she's going to spend another fruitless day at the DMV, and then we'll see if she folds.
1. Applying to have the loan switched over to you. This would include your application to assume the loan. The bank would then give her paperwork necessary to change the title of the car to her name with the bank's lien.
2. Pay off the loan in full. She would receive a lien termination from the bank, which would allow her to do what she wanted with the loan: drive it or sell it.
Customer finds these unacceptable. No, she's going to go to the DMV with her husband's death certificate and change it into her name.
Now, I am recently retired from said DMV, and that's not going to happen. As long as there is a lien on the title, we will not change anything on the title without termination of lien or a letter from the bank giving us express permission to change the owner's name. My sister and I have talked about things like this, and my sister knows that the customer is out of luck.
Customer refuses to believe her, and stomps out, saying that she is going there and WILL do it.
Two days later she is back (I assume she spent the intervening day at the DMV only to be told No). She wants the bank to just change everything over without her having to fill out any pesky applications. Customer ducked away from my sister, but whaddya know? The full manager told her the same thing.
Customer snatches the title. She is going back to the DMV, and this time she is going to tell them that she lost the title (DMV won't be able to "see" the lien) and needs to change the owner's name.
Like this title says: Think Again. Two seconds is all it is going to take: type in the VIN into the computer and up pops the lien. Does anyone in this day and age actually believe that we don't have computer records? That we just take your word for anything?
I figure she's going to spend another fruitless day at the DMV, and then we'll see if she folds.
(RIP, dude.)
Doesn't she realize that she's on the hook for the balance of the loan?
As repo'ed vehicles are sold sub-wholesale, the sale will net less than normal and with damaged windows
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