Tacoma Title Question

So a few months ago I bought a used 2016 Tacoma TRD OR from the Toyota dealership. I put about 1/5th down and the rest was a loan from Toyota Financial and they gave me all my account information for paying my bill and what not. A few weeks later when I received my license plate and registration, it also came with an official Title to the vehicle. On the title there was no Lien holder listed so I was really confused as to why they sent me the title in the first place and why there’s no lien when I took the loan from Toyota Financial to purchase the vehicle. I ran the VIN through the AZ DVM to see if it was an error and the lien just wasn’t printed on the title. The AZ DVM result showed no lien on the title at all.

So did I get a free car? Lol.
Has to happened to any of you and what did you did about it?
My Toyota Financial account shows what I should owe and I’ve been making my payments, I thought this was just odd.

 

Did you receive the actual title or just a certificate for application of title?

 

Should be able to get cheaper insurance but if you wreck it.....

You certainly don't have a free truck.

 

Because you have financed a vehicle does not mean there is a lien on it. You have agreed to pay a certain amount per month. The truck is technically yours...you could sell it right now if you so choose.
However...miss a bunch of payments? Toyota Financial will slap a lien on it right quick.
Cheers, Jeff

added: If they put a lien on it, the truck would no longer be yours...Toyota Financial would own it and you would be prohibited from selling it. Eventually they would repossess it.

 

It's obviously a defective title. I would return it and demand they take it back. Make sure they give you a loaner

 

The title is proof of who the registered owner of a motor vehicle is...if there is no Lein holder listed it just means the vehicle is not being used as collateral for the note...you are still responsible for payments but if you default they have no claim to the vehicle.

 

I have the actual title to the vehicle

 

Most likely Toyota Financial will catch it in an audit. Remember the power of attorney you signed?

 

From what I understand, now that there is no lien on the title currently and it is in my name already, they have no legal right the vehicle including putting a lien on it.

 

Correct but you are not the owner of the document...ownership belongs to the state because in order to obtain a certificate of title you have to apply for one... what’s the word apply legally mean? to ask, plead, request or beg... when you beg the state for permission that makes you subservient to them!

 

Toyota says this is normal.

 

^^^this^^^

 

with the free and clear title issue, im guessing what this becomes is instead of an auto loan now you have a personal loan with whatever the total amount is. i remember my friend when we came back from our first deployment ended up buying a brand new is300 and he had that issue where he had the title in his possession. there werent any hiccups to this situation cause he ended up paying off the car shortly after, but what im getting at is i guess it does happen once in a while. in the end youre still on the hook for whatever amount the loan was made out for, just that truck in question is not being used as collateral. just my guess of course. im not a financial wizard .

 

The same thing happened to me with my Credit Union when I bought my truck. I got the title and Louisiana registration in the mail with no Lien holder. It just showed me as the owner, even though I had a loan. I just filed it away and paid the note. About 2 months later the Credit Union called and wanted me to bring the title and they had to re-submit some paperwork to the state to fix their mistake. They apologized for their mistake and for making me drive back to return the title to them.
Later I also received a new registration from the state that showed a lien holder.
Toyota will probably do the same to you eventually. I’d just pay the note till they contact you.

 

This happened to me when I was in AZ with a dirt bike I purchased, even after I paid it off I recieved a duplicate title. It was definately a screw up, TFS will want the title once they realize they don't have it. I would just be proactive and call and ask where to send it too. I remember when I wanted to refinance my CU did the same said once you get the title mail it to this address within 90 days or the interest rate will go up.

 

That’s no fun. I would just stuff it in my file and make my payments.

 

They fucked up. No you dont own the vehicle outright. Toyota financial is the lien holder on the vehicle until it is paid for in full. Yes you could sell like someone mentioned but he would never be able to register it until TF loan was paid off. You must make your payment or they can repo it. I’d call them and clarify and remedy the mistake.

 

You definitely CAN sell it if you wanted. You just have to satisfy the lien(s) upon sale.

 

The CU wanted the title because they can’t dispute a copy they can only dispute the original which was in your possession...should have notified the bank of your fee schedule I bet they would have paid it.

 

The title should show the TF or whatever financial institution that made the loan as the lien holder. Yes you can sell it but since the financial institution shows as the lien holder( whomever that might be means they have to be paid in full first before the vehicle can be released to the new owner or before it can registered to the new owner. It’s the same has if you bought a house the bank is the lien holder until your home is paid for in full then you receive your title to the house showing it belongs to you and the loan has been satisfied in full.