What would you do?

[twolow]

A friend of mine close to two months ago buys a new yellow Toyota Scion Xb (or whichever X series the truck/bus looking thing is) with all the little extras. Turbo, rims, grille, all that Scion jazz. Toyota finances him through Bank of America (not his personal bank).

Since buying it (no money down) he has made one monthly payment to the bank.

Yesterday he gets a letter in the mail. The letter reads "Congradulations on paying off your automobile. This letter is to notify you that your loan has now been paid in full." Also enclosed is the title to his Scion with all the proper signatures made.

I'm thinking "Dayum! I'm gonna sign my spot on there and I'm running down to the DMV first thing in the morning to get the title transferred!"

He says he is gonna 'sit on it' and see what they do next. I did convince him to at least call the bank to ask what his payoff is. They might just say 'paid in full' through a glitch...or not.

The title is from Toyota and not the bank so maybe they sent it to him and not the bank as they should have done? In that case, what could the bank do if they have no title to hang over his head?

[Marauderjack]

When Bank Of America was still NCNB I tried to do business with them but what a bunch of "Dummies"!!!!:argue:

They constantly made those kinds of mistakes but usually in their favor and I nearly had to get lawyers involved on a couple of occasions!!:mad2:

I'd see about getting it straightened out ASAP or it could get real ugly when auditors pick it up next year!!:bigcry:

My $.02......:cool:

Marauderjack:pimp:

[Mike Poore]

It happened to me, once, and it didn't take 'em long to find their mistake. I never missed a payment though; but it took almost a year, and more than a few somewhat threatening notices, some toward the end, rather nasty, for the title to get returned to 'em.
It was fun to "tweak" 'em, y'know? :rolleyes:

Thing is, he owes the money and knows it. I think the courts will consider it fraud if he tries to take advantage.; although he may want to make the payments to a savings account in the meantime; and await further developments. ;)

[watts428]

They'll figure it out. The IRS and Banks will squeeze the last drop of water out of a rock!!

[ckadiddle]

Thing is, he owes the money and knows it. I think the courts will consider it fraud if he tries to take advantage.; although he may want to make the payments to a savings account in the meantime; and await further developments. ;)

Exactly. It's fraud. Set up an escrow account and make payments into it in the meantime. That way you don't come up short later when they find the error and want what is due to them.

[fastblackmerc]

But he bought a Scion.....:down: a butt-ugly car.....:down: eventhough he got some of the bling... now it's a butt-ugly car with some bling.....:down: :down: :down:

[Blackened300a]

A friend of mine close to two months ago buys a new yellow Toyota Scion Xb (or whichever X series the truck/bus looking thing is) with all the little extras. Turbo, rims, grille, all that Scion jazz.

A Turbo is a option for the Scion??

[hitchhiker]

But he bought a Scion.....:down: a butt-ugly car.....:down: eventhough he got some of the bling... now it's a butt-ugly car with some bling.....:down: :down: :down:


Exactly. What a ricer piece of Cr*p!

Send it to France to be burned!

:lol:

[rocknrod]

....... Set up an escrow account and make payments into it in the meantime. That way you don't come up short later when they find the error and want what is due to them.
Ditto.
Good idea.

[twolow]

Its a cool little car...I'm not gonna nock it. I wouldn't own one but I'm not gonna nock his choice.

If everyone thought the MM was THE car to get, then everyone would have one and life would suck :rolleyes:

[SergntMac]

The best advice posted here, has been to escrow the payments and sit back and wait for BOA's next move, and you know there will be a next move.

But honestly, if it were me, I'd call someone at BOA, or, the dealership, because this is a house of cards that will collapse at the first breeze. Think about this...If you have a clean title for your car after 1 payment, someone else who has paid off their car, didn't get their clean title. Moreover, someone may get fired over this, if it gets too serious. What if it was you, or, a family member waiting for a title, or, messed up a payoff?

I know it's not a fun answer, but life isn't always fun.

[Mike Poore]

The best advice posted here, has been to escrow the payments and sit back and wait for BOA's next move, and you know there will be a next move.

But honestly, if it were me, I'd call someone at BOA, or, the dealership, because this is a house of cards that will collapse at the first breeze. Think about this...If you have a clean title for your car after 1 payment, someone else who has paid off their car, didn't get their clean title. Moreover, someone may get fired over this, if it gets too serious. What if it was you, or, a family member waiting for a title, or, messed up a payoff?

I know it's not a fun answer, but life isn't always fun.

There's the correct answer. Good for you, Mac.:2thumbs: