Lien holder for veh...
 
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Lien holder for vehicle

 
statesidechange
(@statesidechange)
Advanced Member

Needing more newbie/wannabe advice.
I know this information is already on the Message Board but what I found was 3-5 years old. I'm hoping someone can tell me about a more recent (positive) experience. I'm getting ready to trade for a more island friendly car and my current lien holder said "I don't see why you couldn't take the car to the VI", which changed to "let me check with my manager" and then "we would rather you not" and finally "you will not be able to get another loan with us if you move". This transpired in a matter of 4 minutes.
Lovely.
So, has anyone recently moved to the islands and had their vehicle shipped while still owing on the car?
Did anyone ask you for documentation showing that you had permission to transport it?

I did check into rates from Theodore Tunick and Co (STT) and they are almost exactly what I'm paying in KY.

Thanks in advance for any help with this!

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Topic starter Posted : July 25, 2013 5:52 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

They do ask you for the banks permission or a copy of the title, get the bank to give you a letter on it and you can ship it with no issues, I just did this with my truck.

I have my loan through USAA however,, try financing with a different bank perhaps?

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Posted : July 25, 2013 6:11 pm
statesidechange
(@statesidechange)
Advanced Member

Thanks, LF.....Who exactly needs the permission or a copy of the title? Insurance company, shipping company, or STT DVM?
Oh, I'll definitely be financing with a different bank after today. They clearly could have worked with me & it's my second vehicle loan with them.

They do ask you for the banks permission or a copy of the title, get the bank to give you a letter on it and you can ship it with no issues, I just did this with my truck.

I have my loan through USAA however,, try financing with a different bank perhaps?

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Topic starter Posted : July 25, 2013 6:21 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Shipping company and customs over here, no one else seemed to want it.

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Posted : July 25, 2013 7:01 pm
Alana33
(@alana33)
Expert

When you go to have car inspected and registered ay DMV, locally, you must have a title or release from your lender stating you you are authorized to have vehicle in USVI. I also doubt the shipper will allow you to ship without this document if money is still owed on it to lender and you do not have sole title.

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Posted : July 25, 2013 10:55 pm
Exit Zero
(@exit-zero)
Trusted Member Registered

I cannot imagine a stateside bank allowing a car to be moved to the USVI with a loan outstanding -- maybe you can use some other collateral to secure the loan instead of the vehicle or just pay off the car with 401k money, home equity loan, even a credit card if you can kock down the balance in short order to avoid the difference in interest rates.
Your bank could easily call in the car loan if the vehicle is not accessable to them as a recourse remedy.

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Posted : July 26, 2013 3:40 am
sunshinefun
(@sunshinefun)
Trusted Member

Ship the car down and when they ask if there is a lien just say no. I did this and now have a clear VI title. They really have no way of knowing unless you actually tell them.

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Posted : July 26, 2013 12:14 pm
lc98
 lc98
(@lc98)
Trusted Member

Ship the car down and when they ask if there is a lien just say no. I did this and now have a clear VI title. They really have no way of knowing unless you actually tell them.

Many states list lien information on the title itself, so I wouldn't count on that. And I think sunshinefun moved quite a while ago; computer records these days are getting better linked between the states and here.

As EZ mentioned, the bank can call in the full amount of your loan if they find out you've taken off with their collateral, which would at best create a headache to get another loan, at worst leave you with a debt you can't repay without selling the vehicle.

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Posted : July 26, 2013 1:17 pm
noOne
(@noOne)
Trusted Member

I have to agree with fdr

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Posted : July 26, 2013 2:24 pm
statesidechange
(@statesidechange)
Advanced Member

Thanks everyone for the info. The lien holder is listed on titles in my state, I assume they are listed everywhere. This creates quite a dilemma but I'll figure something out. Just the beginning of things to figure out, I'm sure.
Nothing easy is worth having, right?!? Or something like that..... 🙂

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Topic starter Posted : July 26, 2013 2:30 pm
JulieKay
(@JulieKay)
Trusted Member

I sold my car outright to the dealership when I moved. I got WAY more for it than I thought because apparently used cars were/are in demand, especially for certain models. This was a couple years ago but it wouldn't hurt to try, then buy something here.

I used kellybluebook.com and got a sale price quote from three dealers, chose which one I wanted, contacted them, and sold the car in three days, check in hand. If the math works for you it could be an option to consider.

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Posted : July 26, 2013 2:57 pm
statesidechange
(@statesidechange)
Advanced Member

I sold my car outright to the dealership when I moved. I got WAY more for it than I thought because apparently used cars were/are in demand, especially for certain models. This was a couple years ago but it wouldn't hurt to try, then buy something here.

I used kellybluebook.com and got a sale price quote from three dealers, chose which one I wanted, contacted them, and sold the car in three days, check in hand. If the math works for you it could be an option to consider.

That sounds good but given the fact that I will be stateside for 6 more months, I hate the thought of paying $400 for that length of time for something that I'm not taking. I figured the money would be better spent towards a car that I can take with me, that I know is reliable and have some history with. Of course what is logical to me on Tuesday, isn't always logic to me on Friday lol. Who knows. I've just read more positive info about bringing a car than I've read about cars bought on the island.

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Topic starter Posted : July 26, 2013 3:11 pm
JulieKay
(@JulieKay)
Trusted Member

I mean sell your current car just before you leave? You can buy island friendly cars here. Honestly I'm glad we bought ours here, because my husband was able to have a much better sense of what he needed to buy once he knew where he was living, etc., and what was worth the money and what wasn't. In the states I had a really nice new Toyota Avalon, here we drive an older Ford pickup. It just isn't worth it to have a "nice" car for us for the driving and so on we do.

I have read for a while on this board that you can't have a lien on a car to ship it here, but then I didn't do that, so I have no advice to offer, just what worked for me. 🙂 Good luck with whatever you decide!

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Posted : July 26, 2013 5:45 pm
mtdoramike
(@mtdoramike)
Trusted Member

I agree, sell your current car. CarMax is great for this by the way. Then either buy a cheaper car outright state side and have it shipped down or wait and buy a car once you are on island. Check out Craigslist to give you an idea of what your dollar will get you on island. I think you will be surprised at the high cost of vehicles. The best time to buy a car in the islands is the summer time because soooo many folks leave the islands during that time of the year and leave their vehicle behind.

There are so much more opportunities of getting a decent car these days on island versus years ago because most folks who come to the island wants to bring their own transportation with them, but leaving them behind after a couple of years when they return to the states causing an influx of decent cars. I would recommend shopping around for a while and not just grab the first vehicle that comes along. Also, check on this forum for a decent mechanic who could do a quick inspection of the prospective vehicle BEFORE you commit to buying it. It might cost you an extra $100.00, but it would be money well spent.

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Posted : July 30, 2013 3:09 pm
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