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Car title needs lien satisfaction from credit union no longer in business. Help!? |
We are buying an old car that was financed in 1968 by a credit union that changed names and ownership several times. Can the title be cleared by the current credit union? Bear in mind that the credit union isn't even the same name now. YES!... The loans were technically sold, therefore the current Credit union is considered a successor of the union you started with. They can satisfy the lien on your title. Source(s): Wife works for Tag office in GA. ur take proof to ur highway department that the establishment isnt there anymore and they will release the lein Check with you BMV, they may be able to tell you what you need to do. The records of the original credit union should be held by the successors. Check with your RMV to see if the lien release was filed previously, then go to the succesor credit union and explain your problem. When a financial institute is bought out or goes under there is a paper trail with regards to its assets and liabilities. In this case the asset is the collateral it held (the car) in securing the loan. These are bought and sold even in solvency in such cases as mortgages. Usually in small loans such as auto loans they transfer ownership with the purchase unless otherwise. The best thing to do would be to find out how long the loan was for and when the issuing instution was sold. As long as the lien was paid off prior to the sale then it would be a straight chain of command from subsequent owners of the institution to the present day. If not you may have to dig a bit more to find out if the loan asset was held or re-sold upon completion of the subsequent sale of the institution. |
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