Boat Title/Lienholder Question

3082 Views 7 Replies 3 Participants Last post by TimC2520, Feb 4, 2010

TimC2520

Discussion Starter · Feb 3, 2010

I bought the boat new in '99 with a 15 year loan. I got the title almost immediately (or within a few months, I forget exactly). The bank was listed as 1st Lienholder (Nations Bank of Texas). Well between '99 and '03 the loan was sold to a different lender (Bank of America). I paid the loan off in '03, got a letter from the new lender indicating the loan was paid in full. It's not real formal, no letterhead, etc., only my original account number, my name and address and Bank of America's address is listed.

So I get a letter today from my insurance company saying they received a returned mail, wrong address from Nations Bank of Texas, my original lienholder company and they want me to provide an updated mailing address. I called the insurance company and told them I paid the loan off in '03 and there no longer was a lienholder. She said, "oh ok, I'll remove them from the policy, but hold onto that letter saying it is paid off."

My question is how do I get Nations Bank of Texas taken off the title, or should I even worry about it? :huh:

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TimC2520

Discussion Starter · #3 · Feb 3, 2010

I've thought about that, but wondered what issues they'd have with the following:

The letter I have just says, in so many words, loan # 1234567890, Bank of America is paid in full. It doesn't even mention what type of loan it is.
The lienholder listed on the title is Nations Bank of Texas.

How would DMV know this letter applies to that lien? :huh:

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TimC2520

Discussion Starter · #5 · Feb 4, 2010

Dunk said:
You will need a letter from B Of A(jackasses) showing they bought out the original loan and it was satisified/paid off..

Yes, I would do that as soon as possible and get your title cleared..

B Of A has me jumping thru hoops because one of their ATM's ate I check I was trying to deposit. Now they can find the check. The guy who wrote me the check is waiting to see if they cashed it. I can't believe the local bank couldn't just dig it out of the ATM bin..... after I called them the same day..but no we have to file a claim...and we're 6 weeks into that now... What a pack of meatheads..

Thanks Dunk, sounds as though this is going to be a real PITA

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TimC2520

Discussion Starter · #7 · Feb 4, 2010 (Edited)

There is a Bank of America in my town, I may stop by and try speaking with someone there to see what they suggest. Then I'll work the phones with respect to Nations Bank of Texas..

http://www.bizjournals.com/houston/stories/1998/04/20/story7.html

Looks like there may have been a merger..........

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TimC2520

Discussion Starter · #8 · Feb 4, 2010

*** update ***

I stopped by the local Bank of America branch and a lady was pretty helpful. She called a number, put me on the phone, I explained the situation and she said I'd have a letter from them within 7-10 business days indicating "Nations Bank of Texas" and "Bank of America" are one in the same and that the loan was paid in full in 2003. Cost? $20 "processing fee"

lease:

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