Personally, I would't recommend not paying them, however they couldn't really come for the bike since they are not on the title. That being said; they screwed up. I would mention it to them if they start BS-ing you about it.

I have a friend in California who ended up getting his Mitsubishi EVO for just what his down payment was because they screwed up and sent him the title. He took it to court and won. For a $2500 bike though, its not worth the court fees.

Check the loan papers. It could be a personal un-secured loan. If it is, you still have to pay or your credit is screwed up and they will come after you. If your credit was excellent, then it might be that. I bought a cheap car that way - personal loan and they didn't hold the title.

Quote from: twocool on March 28, 2011, 01:07:18 PM

Quote from: The Buddha on March 28, 2011, 10:06:45 AM
There is a clause called E & OE = Errors and Omissions exempted. That however is limited to the contract they wrote and you signed. And if it is a standard contract they print 1000's of, I should say that E&OE crap will never stand up in court.

That brings up the next point, your title isn't mentioned or covered by that contract. In fact the contract and the payment book you have pretty much bind you to paying that amount month after month, or else they will report to your credit and take the bike for which they hold the title. So the only thing they can do is hit your credit.

Anything else they're going to have to take you to court. You dont need a lawyer, they do. The worst thing that can happen is that they get a lawyer pay him 5g and get the judge to issue a repo order against your $2500 GS. That is all. You part your GS and leave the frame and engine in your driveway, that's all they get. You put the bike in the garage, they need a search warrant to make you open the garage for them. And judges dont hand out either of those if they went in front of the judge and said "oops we forgot". If that was the case 99% of DUI's will have to be thrown out.

Seriously I'd wait for the first payment overdue/late notice to show before you did anything even if it is to send in the payment. And beyond that, nothing will happen to you or your bike. E&OE clause applies only to the pieces of paper you signed. If you didn't need the credit, I'd call their bluff and not send any more payments. There have been many a bill collector I have bashed into the ground cos I didn't need the credit history including one in Florida from an apartment I used to rent and had to break a lease.

Cool.
Buddha.

Blah blah blah.....IT IS DISHONEST!  Now we know what kind of person you are......but even if you are dishonest, you're not getting away with it....let us know what happens...........It will be fun to see you on that "repo" TV show with all the fat dudes, and dudettes!  


Cookie

Easy there, the OP already said "I don't intend to take advantage of this, as that'd just be wrong." The comments you quote are Buddha's, so don't attribute that attitude to the OP.

Quote from: the mole on March 28, 2011, 02:44:41 PM

Quote from: twocool on March 28, 2011, 01:07:18 PM

Quote from: The Buddha on March 28, 2011, 10:06:45 AM
There is a clause called E & OE = Errors and Omissions exempted. That however is limited to the contract they wrote and you signed. And if it is a standard contract they print 1000's of, I should say that E&OE crap will never stand up in court.

That brings up the next point, your title isn't mentioned or covered by that contract. In fact the contract and the payment book you have pretty much bind you to paying that amount month after month, or else they will report to your credit and take the bike for which they hold the title. So the only thing they can do is hit your credit.

Anything else they're going to have to take you to court. You dont need a lawyer, they do. The worst thing that can happen is that they get a lawyer pay him 5g and get the judge to issue a repo order against your $2500 GS. That is all. You part your GS and leave the frame and engine in your driveway, that's all they get. You put the bike in the garage, they need a search warrant to make you open the garage for them. And judges dont hand out either of those if they went in front of the judge and said "oops we forgot". If that was the case 99% of DUI's will have to be thrown out.

Seriously I'd wait for the first payment overdue/late notice to show before you did anything even if it is to send in the payment. And beyond that, nothing will happen to you or your bike. E&OE clause applies only to the pieces of paper you signed. If you didn't need the credit, I'd call their bluff and not send any more payments. There have been many a bill collector I have bashed into the ground cos I didn't need the credit history including one in Florida from an apartment I used to rent and had to break a lease.

Cool.
Buddha.

Blah blah blah.....IT IS DISHONEST!  Now we know what kind of person you are......but even if you are dishonest, you're not getting away with it....let us know what happens...........It will be fun to see you on that "repo" TV show with all the fat dudes, and dudettes!  


Cookie

Easy there, the OP already said "I don't intend to take advantage of this, as that'd just be wrong." The comments you quote are Buddha's, so don't attribute that attitude to the OP.

Yer right.....but the OP did not say  "they made a mistake on my contract, so I'm gonna go down and correct it"....It was more like "Hmmmmmmm...I wonder....how can I get away with this?"  I was simply  playing this second "what if" line of thought to its conclusion..

It is funny that people seems to have pretty low standards when defrauding "the man"..

I also figured you guys would pick up on the subtle humor that the OP already incriminated himself by balbbing all over the internet........My advise is learn how to keep a secrete   whenever embessling, falsifying, defrauding, stealing, robbing, or misguiding.....don't tell a sole, not even your wife, or best friend......and never talk on cell phone or blab on internet.........this policy has worked flawlessly for me for years!

..... ........Oops?


Cookie

You went to church to get advice on stiffing someone? 

I would be keeping a wide berth from you in case of stray lightning strikes.

Whats the price for good credit? 


IMO, alot more than a few thousand.  Took me a while to build up mine and I just had the misfortune of never building it up.  I didn't get my first credit card until I was 24 and they actually denied me from a few based on lack of credit history.

Credit is valuable.  In the end, it'll save you money. 


Congrats on the bike, put some pics up!

The missing lienholder information on the title is more of an inconvenience for the bank, than anything. Biggest feature is that it would allow you to sell the bike to another person without paying off the bank first. Which is the whole point of them having their name on the title. It would allow you to transfer the bike out of state or country with no issues, and disappear. If, you know, $2700 is worth the hassle.

Not paying off the loan would probably still allow the bank to repossess the bike (depending on how collateral was set up), and would definitely trash your credit score.

Karma is a ruthless Buddha Loves You.  Go down to the credit union and straighten it out.  Dishonest people suck. 

Man, if a credit union really f%&ked up that bad, they deserve to lose the money. There's always a long paper trail with loans though, doubt you'd go more than a month without hearing something from them.

Quote from: tykho on March 29, 2011, 06:07:34 PM
Man, if a credit union really f%$ked up that bad, they deserve to lose the money. There's always a long paper trail with loans though, doubt you'd go more than a month without hearing something from them.

I hope everyone takes advantage of you, when you mess up. After all, if you make a mistake you deserve it right?

Quote from: tykho on March 29, 2011, 06:07:34 PM
Man, if a credit union really f%$ked up that bad, they deserve to lose the money.

Hmmm... they deserve to lose the money other people have in their accounts as technically it's that money which gets let out? Obviously you have Zero integrity.

I once borrowed money to build a house. Deal was, bank holds deed in the interim. Well, the money appeared in my account as promised but I still had the deed! I called the bank and asked them if they still wanted the deed. They were like, "Oh yeah, could you come by." with a hint of panic in the voice. I dropped in later that day.

If you will not honor your word your word is worthless.

Michael

I actually had this with a car. It was written as a personal loan without collateral (unsecured). I was a little confused even took them in the title to the car. Here I had been with the CU for a while and paid off several loans and they simply didn't feel I was a risk. Prior to that though if I had a loan they gave me the check, I cashed it, made the purchase and it was my responsibility to take them the title. Then they apply the lien. No big deal.

Honestly though it caught me off guard when they didn't want the last one. It's kinda nice to know they are on your side and that you have the background established that they are willing to give you a loan at the drop of a hat. There's a bit of security in that.

Give em a call or swing in to your CU you may need to take it to them and they may not feel that you are a risk.

If you've built a good relationship there you need to maintain it. I guarantee you'll need them again some day, unless you hit the lottery.

Sounds like an unsecured loan though. You'd be amazed how hard that is to get today so must have done something right.

Quote from: reajcox on March 30, 2011, 08:12:51 AM
Here I had been with the CU for a while and paid off several loans and they simply didn't feel I was a risk.

That could possibly be it. I haven't had a chance to break out my paperwork and read it over (been too busy getting my bike running again). Like I said, it's my third bike financed through them, and all previous times they held the title. I guess maybe after financing and payinig off two, they could be cutting me some slack.

QuotePrior to that though if I had a loan they gave me the check, I cashed it, made the purchase and it was my responsibility to take them the title.

I've financed two bikes and a car...and I never even saw the title until they were paid off. It went straight from the seller to the bank in all three instances.

I'm glad to read all the responses here, and see that at least MOST of our members are honest.  I've got to go over there tomorrow during my lunch break to take care of some unrelated business, so I'm planning to just bring it up then.

make lots of documentation of EVERYTHING

give copies the documentation to someone else to hold on to so its not at your legal address

pull all your money out, in cash, however it works with your financial institution, cut all ties 100%

sell the bike

walk away and never look back.

I have had banks try to rape me on various ridiculous nonsense, and I took a lot of money from them, legally, via loopholes. Having sympathy for a system thats built to keep the lower class in place is foolish. get what you can

btw, my brother runs one of the most profitable banks in the country, percentage wise, which is family owned. my other brother is is an investment lawyer. I have worked for myself for years, never beholden to anyone else except mysel, and everyone else in my family is a ceo or a lawyer. my opinion is based on perspective that is not limited when it comes to financial institutions.

Bank owners, lawyers, CEO's ... and you have no limited perspective?   

Interesting situation. The only advice I have in the matter is

DON"T TAKE LEGAL ADVICE FROM THE INTERNETS

Quote from: cd on March 31, 2011, 06:30:08 PM
make lots of documentation of EVERYTHING

give copies the documentation to someone else to hold on to so its not at your legal address

pull all your money out, in cash, however it works with your financial institution, cut all ties 100%

sell the bike

walk away and never look back.

I have had banks try to rape me on various ridiculous nonsense, and I took a lot of money from them, legally, via loopholes. Having sympathy for a system thats built to keep the lower class in place is foolish. get what you can

btw, my brother runs one of the most profitable banks in the country, percentage wise, which is family owned. my other brother is is an investment lawyer. I have worked for myself for years, never beholden to anyone else except mysel, and everyone else in my family is a ceo or a lawyer. my opinion is based on perspective that is not limited when it comes to financial institutions.

Muhahahhahahahahahh ... as someone who has worked for various banks for 10+ years, they are just as bad or worse to their employees. No "corporation" deserves any pity IMHO. Mom and pop shops yes, small businesses yes, The instant they reach past their city and list themselves on the stock exchange, all bets are off.
I had 1 solitary good experience working @ a financial company. But before I name that company they were well known to be absolute a$$holes, so bad that I'd tell people I worked from global solutions (the agency I worked for) instead of I work @ the money store. Literally Say that name and you're liable to get beat up. Pity, I loved every second of it, I loved living in sacramento ... but money store was a loan shark.
Seriously what is legal sometimes isn't ethical. Wha tis ethical sometimes isn't legal, they want you to do what is legal ... so you should return in kind.
Of course it can be a personal loan, it could sting your credit etc etc ... all that make it illegal to walk away with the bike (why would you walk, you'd ride away with it).
Cool.
Buddha.

Well, it pays to be a steady customer.
I went in yesterday and asked the girl who filled out my loan paperwork what gives. Is it a personal loan, differenet from previous ones? Is it an error?
She looked it up and verified that it was done as a normal auto loan, and that the error was on the dealer's end. I'd have to talk to them to get it retitled.
That seemed like a lot of hassle, so I asked [nicely] to speak to her manager, explained the situation to him, told him how I really didn't want to go through dealing with such a worthless seller again...he pulled up my records, saw that I've financed two previous bikes, and had a personal LOC, and always paid everything off on time for the 4 years I've been a member. His solution, "Just put the title in your safe deposit box so nothing happens to it, and we'll just trust you to make the payments as agreed."

It's nice to have enough reputation with a small credit union that they're all "Eh...whatever. We trust you."  
And keeping that reputation is easily worth $85/month, IMO.

Quote from: murf425 on April 01, 2011, 12:50:12 PM
Well, it pays to be a steady customer.
I went in yesterday and asked the girl who filled out my loan paperwork what gives. Is it a personal loan, differenet from previous ones? Is it an error?
She looked it up and verified that it was done as a normal auto loan, and that the error was on the dealer's end. I'd have to talk to them to get it retitled.
That seemed like a lot of hassle, so I asked [nicely] to speak to her manager, explained the situation to him, told him how I really didn't want to go through dealing with such a worthless seller again...he pulled up my records, saw that I've financed two previous bikes, and had a personal LOC, and always paid everything off on time for the 4 years I've been a member. His solution, "Just put the title in your safe deposit box so nothing happens to it, and we'll just trust you to make the payments as agreed."

It's nice to have enough reputation with a small credit union that they're all "Eh...whatever. We trust you."  
And keeping that reputation is easily worth $85/month, IMO.

I'd rather have the $85/month - Kidding (sort of)

I see where you're coming from, you did make an agreement and you're sticking to that agreement.  Can't say I'd have done it differently myself.

Quote from: murf425 on April 01, 2011, 12:50:12 PM
Well, it pays to be a steady customer.
I went in yesterday and asked the girl who filled out my loan paperwork what gives. Is it a personal loan, differenet from previous ones? Is it an error?
She looked it up and verified that it was done as a normal auto loan, and that the error was on the dealer's end. I'd have to talk to them to get it retitled.

If the dealer made the error - then did the dealer get paid, your bank will easily be able to withhold it or get a recourse on it from the dealer.
The dealer is supposed to put their name and instead he put none - I can easily see the Credit union taking the delaer to court and easily willing if you default, BTW it wont cost by 3-400 to file it for the credit union, cos they ahve lawyers on stand by ... and yes bank lawyers are even dumber and more cut throat than regular lawyers. I had to deliver somehting to one Idiot one time many years ago, it had to be in Rational Rose and it had to be this or that and every thing I did was wrong and bla bla bla ... tha tis when I stopped caring what happens to me at work, and when my manager asked me when I was going to improve I said Improve ... improve ... I plan to seriously start getting as dumb as this fool and be as cranky as I always am ... if that's improving, I'm ready to do it right away.
Anyway those Pricks ended up going under. Dot com bubble man, it was cruel.

Cool.
Buddha.