I bought one back in May of 21. Paid it off in a little under a year and every time I talked to them they said they didn't hold the title. They sent me the paperwork showing it was paid off. I went to the local tax office and filled out a form and got the title in a few weeks. Fast forward about 6 months later I got the paper title from synchrony Bank. So now have two titles 🤷🏻‍♂️

 

They suck. Talk about a dated system.

 

From what I heard, Synchrony doesn't even have a policy to send out titles unless requested by borrower, I believe there's only 6 or 7 states that require titleing outboard motors.

 

You are right about the number that title motors (7). Texas is defiantly one of them. It's not a bank "choice" to hold the title or not. Lenders get them in the mail from the Parks and Wildlife office after the work is done along with the boat that is also titled. They need to hold them until paid off. As you guys know, the next guy can't get his title work done without the old title (signed off). A copy of a paper lien release is also very helpful.
Good thing to know if we get involved with a payoff at that place.
Let us know how we can help.
Thank you,
Ken

 

Here at Aamco Transmissions and Total Car Care/Clear Lake/League City we use Synchrony as one of the finance companies for our customers. They have very high interest rates compared to the others we use. Normally a six or twelve month loan, they'll cut your head off with their interest rate if not paid on time.

 

Synchrony is the spin-off company of the GE Capital consumer businesses as GE imploded over the last decade. At the time of the spin-off, GE Capital was known as a business that drove profit at all costs, even on the backs of the ~300k GE employees, so I am sure some of those folks are still in leadership in the organization. If an action doesn’t clearly add to the bottom line, it will be low priority.