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Legal owner as Credit Union on Loan?

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

  1. SlicedBr3ad

    SlicedBr3ad Member

    Feb 25, 2017
    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

    Feb 28, 2018
    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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