• filter:

Paying off the car question

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
I have about 10 months left on my car loan with Penfed, at 1.49%. I kept it for various kinds of MS, lately Plastiq but I'm not seeing a lot of good promos anymore so I'm thinking it's time to pay it off. 

My title is WA, and they have it. My account address is temporarily in CA. When I pay off the loan, will they simply send me the title they have on hand to my current address? Is there a chance they might exchange my WA title to CA?

Member Summary
Most Recent Posts
Sorry, my mistype. Of course they said they'd mail it. Still pretty weird to mail it to the address at the time of origi... (more)

Yoksel (Apr. 11, 2017 @ 11:33a) |

maybe as a final cash grab before paying off your loan you can find a auto-refinance promotion you qualify for. I think... (more)

nwill002 (Apr. 11, 2017 @ 1:21p) |

I expect they'll send the title to you. On the off chance that they send it to the state of WA, maybe make sure WA has a... (more)

arla (Apr. 11, 2017 @ 9:19p) |

Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
It varies by lender. Most lenders collect a fee and get the title for your place of residence when you got the loan. Some will get the title released when you pay it off. Some will just sign the release portion of the title and expect YOU to file the release of lien with the government agency responsible for car title records.
I would expect them to mail your title papers to the address they have on file unless you ask and they agree to do otherwise.
I would expect you will have to take your title papers to your current government car title jurisdiction and insure the release is filed.

YMMV - Some state make out a new clean title for a fee. Some states just record the release of lien and give your recorded title back to you. That is the same as a clean title. It is a question of paperwork and fees. Titles are supposed to be registered in the same state as you license your car.

My comments do not consider Solder and Sailor Relief act.

Paying off the car may in time affect your FICO score. I am unsure which way the chips will fall.

rated:
I just paid off my PenFed auto loan. I had moved since purchasing the car. They sent the title to the address on my PenFed account and not the address on the title as it was my old address.

rated:
What did they say when you called them and asked?

rated:
scrouds said:   What did they say when you called them and asked?
If I blindly trusted what CSRs say, I would be in trouble much more often.  

rated:
They will simply return your WA title to you. 

rated:
You get the same exact WA title, without the mention of the lien holder.

rated:
tennis8363 said:   You get the same exact WA title, without the mention of the lien holder.
That sounds very nice. How would they obtain one? Wouldn't they have to request it from WA DMV?  

rated:
Yoksel said:   
scrouds said:   What did they say when you called them and asked?
If I blindly trusted what CSRs say, I would be in trouble much more often.  

  anonymous internet forums, on the other hand...

rated:
Yoksel said:   
tennis8363 said:   You get the same exact WA title, without the mention of the lien holder.
That sounds very nice. How would they obtain one? Wouldn't they have to request it from WA DMV?  

When I lived in WA, we paid off two car loans (yeah, stupid to have car loans - don't do that anymore). Following payoff, both of the banks notified the DMV and a new title arrived in the mail 4-6 weeks following the payoff. I did nothing. 

rated:
Yoksel said:   
tennis8363 said:   You get the same exact WA title, without the mention of the lien holder.
That sounds very nice. How would they obtain one? Wouldn't they have to request it from WA DMV?  

Yes of course, which they would be entitled to do if they are listed as a lien holder on the current title. (YMMV-- that's how it works in my state)

rated:
tennis8363 said:   
Yoksel said:   
tennis8363 said:   You get the same exact WA title, without the mention of the lien holder.
That sounds very nice. How would they obtain one? Wouldn't they have to request it from WA DMV?  

When I lived in WA, we paid off two car loans (yeah, stupid to have car loans - don't do that anymore). Following payoff, both of the banks notified the DMV and a new title arrived in the mail 4-6 weeks following the payoff. I did nothing. 

Yeah, that's where I'm seeing an issue and why I figured I better ask around. If they notify the DMV and have them issue a new title, I wonder if WA DMV will turn it to CA DMV based on the address. Last thing I want is a CA car title.  

rated:
Yoksel said:   
tennis8363 said:   
Yoksel said:   
tennis8363 said:   You get the same exact WA title, without the mention of the lien holder.
That sounds very nice. How would they obtain one? Wouldn't they have to request it from WA DMV?  

When I lived in WA, we paid off two car loans (yeah, stupid to have car loans - don't do that anymore). Following payoff, both of the banks notified the DMV and a new title arrived in the mail 4-6 weeks following the payoff. I did nothing. 

Yeah, that's where I'm seeing an issue and why I figured I better ask around. If they notify the DMV and have them issue a new title, I wonder if WA DMV will turn it to CA DMV based on the address. Last thing I want is a CA car title.  

I can guarantee they won't. 

The bank will not transfer the title to another state for you. That is up to you. They don't care about the address.

rated:
delete

rated:
I guess it all depends on the state. In Texas, the title has a line for the lien holder to sign, releasing the lien. In my experience, the bank will send the original title and a letter stating that the lien has been released. Then, it's your responsibility to file for a new title without the lien holder information on it.

rated:
I messaged Penfed a few days ago and got a response today. It's amazingly stupid. They told me by default my title will be emailed to the address on file at the time the loan was secured. If I want anything else, I need to call them.

rated:
What does your state do?

I just paid off my PenFed auto loan too and Florida keeps electronic titles. After a couple days of paying PenFed, I was able to request a paper title and now it will be mailed by DHSMV of Florida. 

rated:
Yoksel said:   I messaged Penfed a few days ago and got a response today. It's amazingly stupid. They told me by default my title will be emailed to the address on file at the time the loan was secured. If I want anything else, I need to call them.
  Emailed?

Nope.  PenFed mailed two titles to me at a my new address, different than when I first purchased the vehicles.

rated:
supersnoop00 said:   
Yoksel said:   I messaged Penfed a few days ago and got a response today. It's amazingly stupid. They told me by default my title will be emailed to the address on file at the time the loan was secured. If I want anything else, I need to call them.
  Emailed?

Nope.  PenFed mailed two titles to me at a my new address, different than when I first purchased the vehicles.

I didn't email, I sent them a secured message.

So as expected I likely received incorrect response from a clueless CSR.  

rated:
Yoksel said:   I didn't email, I sent them a secured message.

So as expected I likely received incorrect response from a clueless CSR.  

Perhaps you mistyped. You said they would "email the title." If they really said that, then it's pretty obvious that they're clueless.

rated:
Sorry, my mistype. Of course they said they'd mail it. Still pretty weird to mail it to the address at the time of origination while I have active accounts with PenFed and have kept my address on file up to date.

rated:
maybe as a final cash grab before paying off your loan you can find a auto-refinance promotion you qualify for. I think Navy is offering $200 this month on refis.

rated:
I expect they'll send the title to you. On the off chance that they send it to the state of WA, maybe make sure WA has a current (temporary) address for you? They should be able to cope with an out of state mailing address.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017