Whose car is it anyway?
Sep 17th 2015, 9:19 pm
#1
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Thread Starter
Joined: Feb 2013
Location: Mission Viejo, CA
Posts: 255
Whose car is it anyway?
I've got a weird question... well I think it's odd.
So we got fed up with the 9yr old Dodge Minivan we'd had since we arrived.
We checked out some used cars and found a good one (Honda Odyssey). Put down the old van as pittance trade-in and added a few grand on top.
Decided to finance the rest to improve our credit score.
They asked for my SSN and to see some paystubs. All presented OK. With no previous loans and a credit score of 704 we didn't qualify for the 2.9%, but a 5.9% instead. No problem as I will pay it off early anyway.
But a week after we'd driven the shiny new thing home they started to ask for copies of my visa, and then on to proof of residency. I'm 2yrs into an H1B and my green-card is only in the PERM process now.
They (garage and WellsFargo) don't really seem to understand much of this stuff. So far they've not made any demands etc but I wanted to know where we stand, if someone else has been in a similar situation maybe?
My wife is now worried that they will try and take her lovely new car away.
So to the title... whose car is it anyway? Is it technically the finance companies car? Or is it ours, with unpaid finance logged against it?
So we got fed up with the 9yr old Dodge Minivan we'd had since we arrived.
We checked out some used cars and found a good one (Honda Odyssey). Put down the old van as pittance trade-in and added a few grand on top.
Decided to finance the rest to improve our credit score.
They asked for my SSN and to see some paystubs. All presented OK. With no previous loans and a credit score of 704 we didn't qualify for the 2.9%, but a 5.9% instead. No problem as I will pay it off early anyway.
But a week after we'd driven the shiny new thing home they started to ask for copies of my visa, and then on to proof of residency. I'm 2yrs into an H1B and my green-card is only in the PERM process now.
They (garage and WellsFargo) don't really seem to understand much of this stuff. So far they've not made any demands etc but I wanted to know where we stand, if someone else has been in a similar situation maybe?
My wife is now worried that they will try and take her lovely new car away.
So to the title... whose car is it anyway? Is it technically the finance companies car? Or is it ours, with unpaid finance logged against it?
Sep 17th 2015, 10:07 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Whose car is it anyway?
The car is yours, with a lien on it. You can sell it or trade it whenever your want, but the buyer can't register their purchase of your vehicle until the loan is paid off and the lien released.
Keep paying the loan and there is zero chance that Wells Fargo has any interest in seizing your vehicle. It is almost certain that Wells Fargo has found some gaps in the loan paperwork, which they are now trying to fill. If anyone is in trouble it is the dealer that sold you the car and didn't get all the right documentation from you, seriously, don't worry about it.
BTW How many minutes was it before you got fed up with driving a nine year old Dodge minivan?
Keep paying the loan and there is zero chance that Wells Fargo has any interest in seizing your vehicle. It is almost certain that Wells Fargo has found some gaps in the loan paperwork, which they are now trying to fill. If anyone is in trouble it is the dealer that sold you the car and didn't get all the right documentation from you, seriously, don't worry about it.
BTW How many minutes was it before you got fed up with driving a nine year old Dodge minivan?
Last edited by Pulaski; Sep 17th 2015 at 10:52 pm.
Sep 17th 2015, 10:26 pm
#3
Forum Regular
Thread Starter
Joined: Feb 2013
Location: Mission Viejo, CA
Posts: 255
Re: Whose car is it anyway?
Thanks Pulaski.
I thought as much, but it's good to get a 2nd opinion.
The dodge... well we were strapped for cash moving over here, and the one we'd hired was OK, so we thought how bad can it be? The captain chairs fold into the floor! And that's the high light.
With just 75k on it one day the brakes made a grinding noise. Pads I think...
But later my local trusted mechanic calls and tells me the front brakes all need replacing. Not just the pads, nor the disks, but the calipers too. A standard issue as they were still making brake pistons out of some plastic. A quick google told me he wasn't telling lies. That was one of several things.
I thought as much, but it's good to get a 2nd opinion.
The dodge... well we were strapped for cash moving over here, and the one we'd hired was OK, so we thought how bad can it be? The captain chairs fold into the floor! And that's the high light.
With just 75k on it one day the brakes made a grinding noise. Pads I think...
But later my local trusted mechanic calls and tells me the front brakes all need replacing. Not just the pads, nor the disks, but the calipers too. A standard issue as they were still making brake pistons out of some plastic. A quick google told me he wasn't telling lies. That was one of several things.
