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OK, I'll try and keep it short. Bought an 05 GSXR750 through Suzuki credit (which is run by Household Credit Corp - d'oh!!). Wife, being smart on money and such, told me to refi somewhere else. Preapproval at a nearby CU sealed the deal.

Now, here's where it gets tricky: Household are evidently total dicks. They refuse to deal with the CU - I have to initiate all processes. To top it off, they sent ME the title! CU wants me to send it to them (of course). They even sent me a prestamped envelope.

My question is this: What does this mean? I have a loan with the CU for the bike, but I have the title to said bike! Am I legally obligated to send the title to the CU? Household has released all interest in the vehicle. I am the only registered owner on the title. I'm a little hesitant to blindly send in the title without more info on what my options are. I still plan on paying off the loan.

Opinions, options, comments please.
 

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KH, Rest In Peace Brother
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Did the CU make the loan for the bike or just an open loan? Basically was the bike used as collateral for the loan with CU?
 

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OFFICER737 said:
Did the CU make the loan for the bike or just an open loan? Basically was the bike used as collateral for the loan with CU?

True.. Did they give you a loan to pay the Household card off or did they finance the bike as collateral?

If its a personal loan then the bike is yours keep the title also can put PL/PD insurance on it altho a big risk.
 

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From back in da' day
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if they had intrest in the collateral then they have the ability to have the title delivered to THEM with them marked as a leinholder. If the title is clear and there ar no leinholders listed then its your bike. You will be requred to pay off the loan but it looks as if they dropped the ball there and are about to pay for it. I would read your contract carefully because you will more than likely be assed out by some fine print. I would research it though.
 

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Seems to me that the best that could happen is that you end up with an unsecured loan and title to the bike. Probably the old finance company just sent the title to you by mistake once the CU paid them off. If the loan is secured by the bike, the CU should be listed as lienholder. They can force that issue if they choose.

In any case, the bike isn't free as you still have to pay off the loan with the CU. :rolleyes
 
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