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Ah New York! No MSO

Discussion in 'Gen 3 Prius Main Forum' started by DonD, Aug 19, 2009.

  1. DonD

    DonD Member

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    Got my new Package IV Classic Silver and loving it. But had to switch from very concessionary Chase loan to TFS because Chase required the dreaded MSO and the dealer had none ('as yet,' said he). Not a disaster but quite a hassle. Anyone else got entangled in the MSO quandary or is this just another New York drama?

    For those who don't know, apparently the MSO is the Manufacturer's Certificate of Origin which the dealer (then the DMV) gets prior to the title. It basically states that the dealer is enttled to sell this particular car. Banks (at least Chase) need it to complete financing. Not a credit score issue--was in top tier.

    Anyhow, the car has been had and is great. Thanks to priuschat for the many detailed pieces of guidance. Much appreciated!
     
    #1 DonD, Aug 19, 2009
  2. SCJoe

    SCJoe New Member

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    That doesn't make much sense.

    edit: oh, it's Manufacturer's Statement of Origin.
     
    #2 SCJoe, Aug 19, 2009
  3. DonD

    DonD Member

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    Yes, my error. A real pain though.
     
    #3 DonD, Aug 19, 2009
  4. PrincessPri

    PrincessPri New Member

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    I live in Upstate NY and got my loan through Chase - no problems.
     
    #4 PrincessPri, Aug 19, 2009
  5. SanAntonio Joe

    SanAntonio Joe New Member

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    If the dealer isn't providing an MSO, it may be because HE is using it to finance his operation. HIS bank may be holding the MSO as collateral for his 'floor plan' which is how some dealers finance cars until they are sold. When they get the money from your bank or credit union, the MSO should go to the state so they can issue a title to the car. If it is financed, most financial organizations keep the original copy of the title showing it has a lien against it.

    Do you have registration documents from your state agency that issues the title of the car? If not, this needs to be cleared up very, very soon. Also, without an MSO to the state, how did you get plates? If you are still driving around on a temporary tag, this may be another indication that he hasn't gotten the MSO to the state.

    Something is not right if a dealer got in a car but claims he doesn't have the MSO from Toyota. Without the MSO, you may not legally own the car. The MSO is essentially the 'birth certificate' for your car.

    Bottom line: the problem may be with your selling dealer, not Chase.

    Joe
     
    #5 SanAntonio Joe, Aug 19, 2009
  6. DonD

    DonD Member

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    Joe, You are dead right--a dealer not a Chase problem at all. In fact Chase was extremely helpful both with a very low below market rate and taking the initiative to press the dealer night and day but with no success.

    The salesman had never heard of an MSO. The sales manager had and promised to fax it over and over but never did. By that time I was locked in with a trade-in to them at a very good price to me by the way. After days of runaround and multiple calls from both Chase and myself to them, I decided to accept Toyota Financial Services financing at a significantly higher rate than Chase was offering. Chase has agreed to buy out this loan shortly and put me back on a decent rate. Everything else with this dealer went well and I have no doubt that I will get my registration and then title in the normal manner. But still not clear to me or Chase why they did not have an MSO for this particular car. You may well be right about what is going on.

    A cautionary tale as far as I am concerned--never encountered this before.
     
    #6 DonD, Aug 20, 2009
  7. SanAntonio Joe

    SanAntonio Joe New Member

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    Don,

    By the time your temporary tags expire, you should have documentation from the state that the car is registered in your name. If not, if you get more 'tap dancing' from the dealer, I would call whatever state agency in NY that licenses dealers in your state to sell cars.

    By the way, the dealer may have been trying to steer you to Toyota Financial because he probably got another incentive from them; anywhere from $100 to $500, based upon the track record of most manufacturer-owned finance companies.

    Also, a quick call to your insurance agent may be in order. You need to know for an absolute certainty that the insurance company is covering the car even if you don't have proof of registration. If you have an accident but it is not titled in your name yet, the company may claim you are not covered because technically it is not 'your' car, but the state (and the court) may consider you liable in an accident if you were driving it. Better to make sure you are protected now.....

    Joe
     
    #7 SanAntonio Joe, Aug 21, 2009
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