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I have release of lien letter and signed car title from Toyota Financial, do I still owe.

Brentwood, CA |

Two years ago, Toyota Financial sent me a release of lien letter and a singed car title. I took it to DMV and they removed Toyota Financial as lien holder. I have never called Toyota but still make the payments. Do I still owe Toyota IF I decided to stop paying?

Attorney Answers 3

Posted

You need to consult with a qualified attorney in your area to review your finance contract and your payment history.

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Posted

No way to say without looking at the paperwork.

Hope this perspective helps!

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2 comments

Asker

Posted

Can I fax it to you?

Dorothy G Bunce

Dorothy G Bunce

Posted

I am not licensed to practice in California so you would want to have this agreement reviewed by a local attorney.

Posted

It would depend on your agreement. I have to wonder why you think you still owe if Toyota gave you those documents.

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Asker

Posted

Technically, I still owe Toyota a balance of 10k.

Asker

Posted

...and I recieved a loan release letter stating the car was paid off and to take the free and clear title that was given to me and that was singed off by Toyota to DMV and have them removed as a lien holder.

Nicholas Basil Spirtos

Nicholas Basil Spirtos

Posted

Sounds like Toyota made a mistake. If you now have clear title, and you stop paying on the loan, then Toyota, or the lender could sue for the balance, but they would probably not be able repossess the vehicle. Again, it all depends on your agreement and other documents, which you should take to an attorney in your area for a consultation.

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