If an auto lender accidentally gave us title to our car, can it now repo it?
Question Details: The loan company made a mistake and marked our note as paid sent the title and original loan papers to us we register the title in Idaho under our name now they are calling saying they are going to repo the car. Can they do that after they have us paid in full letter and signed off on the title?
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If the lender that had a security agreement in the car that you now have title to made an error and gave you registered title as well as signed documents stating that the loan was paid in full, it cannot presently repossess your vehicle legally.
However, a lawsuit could be filed against you by the lender to reinstate the loan and the security agreement allowing repossession of the vehicle. With that in mind, I suggest that you begin making payments on the loan that was erroneously marked as paid in full.