QuestionI am having problems getting a release of lien so I can get a clear title and sell the vehicle. The bank that financed the vehicle no longer exists.
I purchased the vehicle in Madison,Wisconsin in 1995. It was financed thru First Banks P.O. Box 5408 Sioux Falls,SD 57117.
I changed to a Texas title around 2000, and paid off the loan in 2001.
I thought I had located the owner of the lien as being Wells Fargo ( office in Phoenix, AZ) who actually sent me all of the paperwork required by Texas to release the lien. Texas returned the request on the grounds that the list of banks Wells Fargo had acquired did not include First Banks.
Upon calling Wells Fargo, they stated that they had no record of acquiring First Banks. Neither could they search their records for the VIN because they only kept records for 10 years.
What are my options? Is there a way to find out who owns this lien?
Otherwise, how can I get rid of this vehicle? My neighbor wants to buy it, but I just want it off my driveway!!!!!
Thank you for your help
Answer
car guy
Great question Daryl... and one that comes up more often than you think ...not usually because the bank went under...usually someone can't be located etc.
I have been in situations like this where just the thought of the paperwork boggles the mind ... and when that happens...here is the insider trick to get it fixed legally and inexpensively putting forth very little effort (on your part) at all. Here is what you do... IN Oregon we have a company called Oregon Lien Service... what they do (primarily) is lien vehicles that have been towed and impounded for one reason or another ... lets say you get pulled over for a DUII in your cheap little car ...the police impound it and then they want you to pay 500.00 +++ to get it back...you don't have the $$ or the car isn't worth it so you decide to leave it there and let them have it ....BEFORE THEY CAN SELL IT they need clear title sooo they lien the vehicle for the tow bill ...thru a company like Oregon lien service (who follows the rules so you won't have too) and 45 days later you have a clear title.
Here are the fine points of this strategy: Yes, you can lien your own car...at least in Oregon. We have used this method to overcome lienholders and out of state DMV's. Think of it this way ....since you don't have the title and somewhere some states DMV thinks someone else (or in this case ...bank) owns your car, what you are doing is filing a mechanics lien against your own car or the work/payments/storage you have invested in it... Just like the impounded car in the DUII example ...when no one comes out of the woodwork during the 45 day waiting period to pay off the lien and get the car (because it's your car!) for %90.00 (in Oregon) there are services who will do the paperwork then after the 45 days are up they send you the paperwork necessary to walk into your DMV and get a title. Here is one link to the first company in Texas who does this service.
My advice is this ...file the lien...sell the car (show your neighbor the paperwork and tell him title will be forthcoming) ... wait for 30-45 days ... give the paperwork to your neighbor and let him go get the title (pay for it too)
If you have any followup questions let me know my email address is roadloans@gmail.com ...I am committed to stay with you on this question until you can answer all of the follow up survey questions with perfect 10's ... if for whatever reason you can't ..then hit me back and I will clarify anything you need me too. The strategy outlined above is what I would do ... other people may tell you to go through the painstaking task of sending forms and fees here and there and everywhere... that eventually works too. If we both started after this title at the same exact time I would have it at least 50% faster and cheaper than you would ...this information is priceless ! lol RDA
http://www.manta.com/c/mt1dnyk/simpson-mechanic-s-lien-service
