vehicle title & loan
I was approved for a loan on a vehicle i purchased in 2006. i called the lender and explained that i wanted to refinace the loan for a lower interest rate. When they did the prequal, the interst rate was much higher @ 11%. I immediatly called them and said no thanks. My current rate was at 7%. In january 08 i recieved the Title and a letter in the mail saying thanks for using our services, your loan has been paid in full. I recieved it as a blessing. 4 months later the lender sent a letter stating that they mailed the title becuase they paid off my old loan, and started the new one with the increased interest rate of 11%. they said that they sent the title so that i could let the new lein holder view it. They asked me to mail the title back. i explained that i told them that i did not want the new loan, because the interest rate was much higher than my currant rate. They are now requesting that i return the title, and pay the past due amount on the new loan they put in place. Where do i stand legally in this matter? Can they forcebly reposess my vehicle? Is the vehicle mind becasue i have the title?
Re: vehicle title & loan
This sounds fishy to me. Contact a local attorney who can review the documents to see if they are trying cover themselves for some screw-up on their part.
