We had a car loan through Key Bank in 1991. It was paid off in 1994. (The loan had already dropped off the oldest credit reports I have copies of – dated Oct 2004.) We still have the now hunk of junk and want to junk it before the insurance renews in 10 days. I spent hours hunting for the title and couldn’t imagine why it wasn’t in my fire box with other papers before giving up and going in on Phil’s day off to get a duplicate title. (We both have to be there since it’s in both names). I found out why I couldn’t find the title – we never had one. Key bank never notified the state they released the lien so the state never sent us a title.
I came home and called the number I found on the internet. The less than helpful person said it will take *at minimum* 15 days for them to research it since I don’t know the bank of origination (Key Bank of Maine, Main St Waterville was not enough information apparently), the account number, or the date of last payment. She would not budge or let me speak to anyone else – they must do research before faxing a letter releasing the lien. Nevermind that their research will cost more than the value of the car ($0)… it must be done. (And I’m not paying for it.)
So… when I got up this morning, I remembered a box of old checks was on the closet shelf. I kept meaning to toss it, but it’s up high and I’m short… I got it down. Checks from 93 and 94 are in it. I found one for the car loan… with the account number on it. I’ll have to look through the rest of the statements for the final payment one (a PITA since we don’t know the month and I wrote checks for everything – as many as 100 a month)… but whether I find it or not, I’m calling the branch manager Monday morning and see if s/he can do anything about the idiocy of 15 days of costly research for a junk car worth nothing. I might even see if I can sign the title back to the bank… let them pay the towing and disposal fees.