Consumer Protection Law
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On march 20, 2013 I refinanced my truck. USAA paid capitolone and capitolone sent the title to me. I agreed to the terms over the phone and have kept up with my payments,and insurance. Today September 19, 2013 I received a contract in the mail from USAA stating: (To ensure our lien is filled promptly with the DMV on the title for the above referenced collateral , additional info. is required.) USAA wants me to send them; a copy of the registration, copy of drivers license, birth date, SSN#, Odometer reading, and INS policy #. It has been six months, now they want me to sign a contract? Do I have to agree to this contract... ( I don't like the fine print)
Response: Unfortunately, yes, since USAA has paid off your loan with Capital One and you verbally agreed to the terms. You cannot back out now when you have already received the benefit of the yet to be signed contract. If you back out, USAA would go after you for unjust enrichment for getting benefit of refinancing without wanting to provide USAA with necessary information in order to secure its lien on your truck. Also and more importantly, if you refuse to comply with USAA’s request, your truck may be repossessed.
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