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We totally forgot and just two days ago traded in the car we used as collateral on a consolidation loan for a new car.

Cleveland, OH |

Went to find the title tonight as we are supposed to take it to the dealer tomorrow, and remembered. Can we call the lender and change the collateral? Are we in trouble no matter what we do? I drive for my job up to 50 miles a day and really need a reliable car. Do we need to call the dealer and return the new car, getting the old one back? How can we make this right?

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Attorney answers 1


The current lien holder will not remove the lien unless they are paid in full. The car dealer will probably cancel the contract because you will not be able to transfer the vehicle title to them. Hopefully, you can simply return the new car to the dealer and move on.