Car Title question..need help

[Red Hook]

When I bought my car 2 years ago the dealer/finance company some how messed up and registered/transferred the Title into my name instead of the finance company. Every month since then I receive a couple of phone calls and fedex packages asking to go to the DMV and transfer the title over to them or "sign" the enclosed document giving them power of attorney to reclaim the title. I am not motivated to do either.

Anyone on here able shed some light on what this means for me?  Obviously I still have a financial obligation to pay the rest of the money owed, so why does the title matter in this case? 

what happens if I sell the car? what happens if I stop paying for the car?

[newmom]

As someone that just bought a car. The registration should be in your name. You shouldn't have the title at all until its paid off. As far as POA, not a good idea

[Red Hook]

As someone that just bought a car. The registration should be in your name. You shouldn't have the title at all until its paid off. As far as POA, not a good idea

newmom, that is the point of me starting this thread and asking what it means for me..thanks for shedding light on this 

[newmom]

gee okay bud...on that note, have you not registered your car since then. And if you have the title then I wouldnt worry just pay on the car note

[dr.chimps]

When I bought my car 2 years ago the dealer/finance company some how messed up and registered/transferred the Title into my name instead of the finance company. Every month since then I receive a couple of phone calls and fedex packages asking to go to the DMV and transfer the title over to them or "sign" the enclosed document giving them power of attorney to reclaim the title. I am not motivated to do either.

Anyone on here able shed some light on what this means for me?  Obviously I still have a financial obligation to pay the rest of the money owed, so why does the title matter in this case?  

what happens if I sell the car? what happens if I stop paying for the car?

Parker, and a few other guys, is our go-to car guy - maybe PM him.  But this sounds like a 419-type scam.  

[Mr Nobody]

Theft Insurance in place? Sounds like a good bon fire is in order.

[Red Hook]

gee okay bud...on that note, have you not registered your car since then. And if you have the title then I wouldnt worry just pay on the car note

newmom..I bought the car, the car is registered in my name,I have the car, I use car...but the bank messed up and placed the title in my name..I am asking what my are options.

[newmom]

newmom..I bought the car, the car is registered in my name,I have the car, I use car...but the bank messed up and placed the title in my name..I am asking what my are options.

Well just don't sign the POA

[Red Hook]

Theft Insurance in place? Sounds like a good bon fire is in order.

that would be criminal and I would never think of such of a thing..but hypothetically would I still owe bank the remainder of the money  

[Butterbean]

When I bought my car 2 years ago the dealer/finance company some how messed up and registered/transferred the Title into my name instead of the finance company. Every month since then I receive a couple of phone calls and fedex packages asking to go to the DMV and transfer the title over to them or "sign" the enclosed document giving them power of attorney to reclaim the title. I am not motivated to do either.

Anyone on here able shed some light on what this means for me?  Obviously I still have a financial obligation to pay the rest of the money owed, so why does the title matter in this case? 

what happens if I sell the car? what happens if I stop paying for the car?

To stop paying for the car will likely result in repossession of the vehicle.  Since it's obviously a mistake that you have the title, it will be bad for your credit rating.

If you want to sell the car before you're done paying the loan you'll have to go to the DMV and get it straightened out. 

If you sell the car and give the buyer the title implying you own it in full and you stop paying on the car, I'm pretty sure you could be prosecuted for fraud.

[MadeYaMelt]

Read all the docs you signed with your finance company.  They have no right to have the title "signed over" to them, but they likely do have the right to have a notation placed on your title until it's paid off. 

[bigdumbbell]

When I bought my car 2 years ago the dealer/finance company some how messed up and registered/transferred the Title into my name instead of the finance company. Every month since then I receive a couple of phone calls and fedex packages asking to go to the DMV and transfer the title over to them or "sign" the enclosed document giving them power of attorney to reclaim the title. I am not motivated to do either.

Anyone on here able shed some light on what this means for me?  Obviously I still have a financial obligation to pay the rest of the money owed, so why does the title matter in this case? 

what happens if I sell the car? what happens if I stop paying for the car?

how much is your monthly car payment?