Do I need a lawyer?
I trade in my 08 Windsport to a brand new 2014 Winnebago last November, The pay off of the first loan is $75000, I had paid an extra $20,000 for the upside down pay off on the first loan during the pu...
Forum Discussion
I purchased a vehicle from a California dealer that had been in business for years. It turned out that my financial institution didn't get any title and eventually got a phone message left overnight that there would be "no title, we've gone out of business". They told me that it was MY problem, I owed for the loan whether or not I got title.
I immediately contacted a friend that owned a used car lot. He assured me that by law I was the "interested third party" and would eventually gain title. It took almost 6 months, with the DMV investigation department updating me until I got the letter from them saying "take this letter to your local DMV to get title". The dealership had not paid a bunch of loans off on vehicles they subsequently sold. Mine still had an unpaid lien to a bank in Texas. DMV said it was a multi-million dollar scam and the dealership owner would likely see jail time.
Those that had traded vehicles, like you, with the promise that the remaining loan would be paid off were out of luck (by law as the DMV explained it to me) and still owed on their original loans.
Go to the DMV and tell them what's going on immediately.
Phil
(on edit) When I DID get the title, I did NOT have the DMV list the credit union as the legal owner after their attitude (all smiles until they realized what had happened and then their lawyers were the only ones that'd talk to me). Nothing was ever said about it and when the loan was retired I got only a piece of paper saying such, since there was no title to send me. Doing it that way saved me a little money by not having to pay DMV to transfer title when the loan was satisfied.
I immediately contacted a friend that owned a used car lot. He assured me that by law I was the "interested third party" and would eventually gain title. It took almost 6 months, with the DMV investigation department updating me until I got the letter from them saying "take this letter to your local DMV to get title". The dealership had not paid a bunch of loans off on vehicles they subsequently sold. Mine still had an unpaid lien to a bank in Texas. DMV said it was a multi-million dollar scam and the dealership owner would likely see jail time.
Those that had traded vehicles, like you, with the promise that the remaining loan would be paid off were out of luck (by law as the DMV explained it to me) and still owed on their original loans.
Go to the DMV and tell them what's going on immediately.
Phil
(on edit) When I DID get the title, I did NOT have the DMV list the credit union as the legal owner after their attitude (all smiles until they realized what had happened and then their lawyers were the only ones that'd talk to me). Nothing was ever said about it and when the loan was retired I got only a piece of paper saying such, since there was no title to send me. Doing it that way saved me a little money by not having to pay DMV to transfer title when the loan was satisfied.
