Please! Need Help with a scam

Been reading it, missed that you were referencing the bank’s title and not his title.

 

Not true, he can get a lien on his single wide.

 

I have a feeling the bank is going to win this one.

 

"owno'rship"

 

Sounds like resolution is in sight, but still recommend you contact local bar association and find a lawyer that specialize in vehicle title transfers. Pay the $$$$ to meet with him/her once so they will take you on as a client. Hopefully you will never need a second visit, but I suspect at some point the lawyers of the lien holding bank may send you a letter threatening you with legal action or some BS fees with some BS deadline to respond by. It will piss you off and that is why you will want a cool headed lawyer on your side to see through their BS.

 

The bank will always win this fight. OP is out 35k.

 

Wouldn’t be surprised to see the bank walk away and write the loan off. The cost of acquiring the vehicle, storing, disposing, and legal fees involving criminal and legal civil law suits is sometimes not worth dealing with a 25k asset (auction value).

 

It depends on the state. I'm in NY, and have a loan for my truck, but I've held the original title since I bought it.

Title has the banks lien right on it, so if I were to try and sell it if have to pay the bank off and get a lien release from them. Alternatively when I pay it off I can send that release to the DMV and they'll reissue the title with just my name on it.

 

Also depends on the bank. If it’s BoA, they will not stop. They will spend $40K to collect a $35K debt. Seeent it, and why I’m no longer a customer.

 

Capital One who I’m a member with and they still won’t talk to me. Just got word the account has been considered closed though not sure if that means it’s been given to a repo company already or if they are trying to contact original buyer ?

 

Original owner is long gone out of country or had a stolen identity to start the whole thing

 

There's one lesson learnt for me from all this. Check the VIN# throughout the car and make sure it matches the title before handing over the cash. I usually don't do that at all.

 

Maybe he took the money and paid it off?? Why else would the account be closed?

 

Interesting. All the states I've been in, the bank holds the title until the loan is paid.

 

Not in Kentucky. Have all my titles locked up in the firesafe.

 

I've seen something similar happen to a guy my buddy knew. Bought a brand new Camaro SS a couple years ago from a guy at what seemed like a deep $7-8k discount. Paid cash got the title on the spot. The guy who sold the car to him bought the car from a dealership a couple days before with a fake check.

Long story short- bank came and took the car back. Buyer was out like $25k cash. Shit out of luck. The seller made away with $25k cash, was never caught.

OP, sorry about your loss man.

 

See some new trucks on CL under 1 yr old owner list moving out state/country cant take. It seems tempting but its not much more to finance brand new at dealership less headache. It would have to be 10k off for me to consider used new truck from private party or I know the person well. I just cant get over 35k cash.

Options:

1. Truck not yours (title wise) probably bank owns it may end up losing it
2. Hire lawyer = $$$
3. Already in a hole just off road the shit out of it till wheels fall off and ditch it
4. Strip sell parts

 

Hello all, So i still have the truck in a storage unit waiting on a resolution. After going through all avenues minus trying to get a bonded title im all but out of options. one good thing is the truck is still not registered as stolen or theft, and there is nothing on the NICB about the vin. So im still sitting on a beautiful 2019 White trd offroad DCSB with 6k miles on it. maybe in another 6 years ill attempt to get a bonded title and have a new truck to drive in 2028