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08-20-2015, 08:48 AM | #1 |
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Join Date: Aug 2012
Posts: 56
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Credit union refusing loan for too many reassignments.
I picked up a car at the auction for a customer from a Nissan sale. It’s on a Maryland title to Nissan of California. On the back, Nissan assigns it to a Virginia dealer but for some reason that sale was cancelled so the VA dealer reassigns it back to Nissan on the next reassignment space. Then Nissan reassigns it to my MD dealer on a California reassignment form and then I use a MD reassignment form to transfer it to a DC dealer which ultimately reassigns it to the customer on the second space of that reassignment form. Small 6 branch local Maryland credit union denied the loan saying too many reassignments. If it’s fine with the DMV, they shouldn’t have an issue. Anybody else have such problems with banks or CU’s?
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08-20-2015, 09:04 AM | #2 |
Senior Member
Join Date: May 2010
Posts: 1,497
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Can you put the title in the dealership name without any penalty or excessive fees? We can here in South Dakota.
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08-20-2015, 12:45 PM | #3 |
Administrator
Join Date: Nov 2007
Posts: 14,869
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Wow, that's really odd.
I wonder what the Credit Union's fear is? Are they worried that too many reassignments may signal that there's something "unsellable" about the car and that's why they don't want to extend a loan against it? Alternatively, maybe the Credit Union is worried that too many reassignments might mean the vehicle is more likely to be subject to a lien that hasn't been recorded yet? Regardless, I can't say that I've ever heard of this concern before. |
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