Bank Failed to Obtain a Lien and Wants Borrower to Correct the Problem

[jamgirl]

My question involves an auto loan or repossession in the State of: Florida

Refinanced auto loan with Bank of America, now title shows No Lien. Bank of America requesting me to
go to the DMV and pay $75 to add them as lienholder. They say I was only charged doc stamps and not
DMV fee. I would gladly sign whatever they need me to so they can add themselves as lienholder but I don't have the
time or energy to go stand in line at the DMV to correct what I see as their mistake.
I am paying the loan on time, will continue to pay on time, have no interest in ruining my credit score
of 820.
My question is - if I just don't do it, what will happen ? Can I just keep paying the loan until paid off ?
I can't be the only one, I'd like to hear from others who have been in this situation . Thanks

[Mr. Knowitall]

Read your contract. I expect that if you fail to cooperate you can be declared to be in default, and the outstanding balance can be accelerated.

[jamgirl]

I still haven't gone to DMV. I did read documents and yes Mr Knowitall is correct - they can declare default on loan - it
states I will put BOA as lien holder. Doesn't seem to be in their benefit to declare default since I am paying the loan payments in excess and early. I wouldn't be able to pay outstanding balance so they'd get nothing in exchange for ruining my credit. I'll post what ends up happening.

[Mr. Knowitall]

They have other concerns, including what happens if you decide to sell the car or get into an accident.

If you want to risk the large decline in your credit score that will result from a repo, and all of the associated expense and aggravation, it's your life and credit score.