Does my bank owe me money?I recently bought a 2008 Dodge Avenger. I did not want to get the auto loan through the dealer so I got the loan through my bank. My bank insisted that I give them my title for processing my auto loan. We told them that we would need it for titling the vehicle, but they told us a photo copy of title would be enough... | |
I'm not understanding this.. If you got a loan to purchase the vehicle you are not yet title owner till the vehicle is paid off. Your bank is, they hold the title till the vehicle is paid off.
Unless you got a personal loan from your bank to pay the vehicle, then yes the title would go directly to you.. Was your loan "personal or auto"?
In my state the car owner does not get the title until the car is paid for. The bank making the loan holds it until the loan is satisfied. The bill of sale will get it registered.
You are entitled to an apology and I'd suggest you go shopping for a new bank. If they can mess up on something so simple do you really want to trust them with all your millions? By the way, care to tell us which bank did this?
ask for the money back
and speack to a lawyer it might be worth a try
