I had a finance company mistakenly send me the title to our vehicle that we financed. We only made one payment. I went to PennDOT and got a new copy of the title so it is free and clear. The finance company is asking to me to send them the title because they say that I would be in breach of the contract because the contract requires that the vehicle be a security interest on the loan. I however, didn't breach it. I did make it a security interest when we (my wife and I) signed the papers when we bought it. They removed the security interest when they released the lien. Am I correct?
Answer
No. The lender screwed up but you knew they screwed up. They are giving you the chance to do this right - add the lien to the title and send it to them or else risk a lawsuit.
Don't be dumb here.
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