Hello everyone.. here is a little back ground on my situation..
I bought a truck two years ago. I took out a loan from a local credit union. Clearly the loan was for the purchase of the truck. Therefore it had a lien on it. However like many loans that I have gotten from the same bank, the title has always come to me. Normally I sell the car or truck quickly and the bank is paid off in a few weeks to a month.
In all cases the bank expected the title. Normally I never turn the titles over because I sold the cars so fast.
In this current situation I bought this truck to keep and have been paying on time never missing a beat. When I got the title in the mail 2 years ago the title came in my name only, I kept it despite on rare occasions the bank requesting that I send in the title as soon as I can. They been polite and not pushy or demanding.
I decided to sell my truck, and sold it to a dealer. They dealer obviously ran the vin to check out the history of the truck. It came up clear and clean as it should ( though it has a lien on it but only in my name)
It was pretty straight forward. I owe $34,000 on the loan.
My question is... what could the consequences be if it took one year to pay off the remaining balance rather than forwarding the full amount over right away.
I am in no shape or form trying to get away with not paying .. I have excellent credit, though this may seem irresponsible, I am very responsible and reliable.
I am not getting harassed from the bank, on occasion they ask that I update my current ins to reflect that they are the lien holder but it is through a 3rd party source that I receive that letter from.
Thank you in advance for all your input