We bought a new car .got a loan through a bank..bank sent us atitle with them being the secured parties.last week bank made a mistake an sent us a security of interest filing that said they no longer have interest in the car.this is a document we can take to the dmv along with original title and get a new title in our name.clear title without them on it.called bank they said they made a mistake..and that we could get a clear title in our name at the dmv.since we did get a loan for the car..are we still responsible for the loan..since the only way to get a claer title was the bank saying they no longer had interest in our car..and the only way to get clear title was for bank to send us the document...which means the car was paid for..even though we did not pay for car yet.
1 Answer from Attorneys
It sounds odd, and warrants some review before you render the bank "unsecured." You certainly owe on the loan, the only question is whether someone made a mistake releasing or failing to secure the lien to the car. Nothing is free, and don't get yourself sued for fraud by assuming the mistake is something you can take advantage of, now.