A strange question to ask, but I thought perhaps someone has had paperwork snafus and it took awhile for a lender to get notice of their lien on a car title, so: Does anyone know how long it is before a lender questions Where is our lien?
I bought a 2016 used car from a car dealer in Tucson on 9/1/17, and 9 weeks later I still don't have an AZ title or permanent registration. I'm able to legally drive it as Arizona permits as resident lacking "complete documentation" for an AZ title to obtain a 90 temp registration, so I'm good to 1/18/18, and have it fully insured.
The dealer claims they took the car as a trade-in in July and the customer has Kansas plates & registration but didn't have the title so they've been trying to get a dupe title from the state of Kansas. There's alot that's fishy about their story, but that's something for another topic in another forum. They're one of the larger dealers in the state with multiple new car dealerships, so I'm not worried about losing my money. Their standing offer is to return the car for full refund, but I really prefer to keep the car, I just want a title, and they claim they will get me the title, just be patient.
My bigger concern is that at some point DCU will question where is their lien, and if it can't be produced in a timely fashion they will declare the loan in default and demand payment in full. If that happened I'd have no choice but to return the car, use the refund to payoff DCU, and start the car buying process all over. The dealer initially financed the loan with a Tucson credit union at which I am a member, but I transferred the loan to DCU in mid October for a better rate & terms. So DCU has had the loan about 3 weeks. The first payment is due 11/17 which of course I will make.
Anyone have any idea how long I have to get the lien to DCU?
Edit - Finally got the title & registration yesterday, 2 1/2 months after buying it. A load off my mind . . .
