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Legal owner as Credit Union on Loan?

Discussion in 'Model 3' started by SlicedBr3ad, May 3, 2018.

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  1. SlicedBr3ad

    SlicedBr3ad Member

    Joined:
    Feb 25, 2017
    Messages:
    920
    Location:
    Fl
    FPCU sent loan documents to sign where registered owner is me but the legal owner is FPCU. however, nowhere through the doc (that i can find) does it say they're going to remove themselves as legal owner once loan balance is satisfied. has anyone dealt with this? i cant imagine this not being a standard loan document and i'm just not used to reading all this legal info. help!
     
  2. nitzmahone

    nitzmahone Supporting Member

    Joined:
    Feb 28, 2018
    Messages:
    59
    Location:
    Portland, OR
    Dunno about your state, but at least in Oregon, the lender holds the title (and is listed as a lienholder) until the loan is paid off, at which point they send you the title with the lienholder release signed off. You're still technically supposed to get the car re-titled anyway once that happens, so changing the owner wouldn't be a big deal over what's happening anyway.

    Could be a legal requirement in your state or a weird policy your lender has, but regardless, I doubt they want anything to do with your car after it's paid off. Might be worth an ask to your loan officer, but I'm sure it's nothing sinister.
     
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