Please! Need Help with a scam

Give it back to the bank, and sue the aHole for your money. Or you could try to work it out with the bank.

 

Good luck!!

 

I’m not buying anything I’m reading... especially not for $35k.

 

Read the thread. Cliff Note version. Seller paid cash, had the title in hand, made a passable copy, then gave original title to bank as collateral on a personal loan and sold the truck to the OP using the copy.

Edit: and every state does it different.

Edit 2: clarified who has the original title and who has the copy.

 

If the bank tries to claim the truck, make them prove the loan they issued occured before you bought it.

Because if they issued their loan after you bought it, then It seems to me that the bank is the victim of fraud, not you. That would mean they gave him a loan for a vehicle he no longer owned.

 

Title = ownership.

 

Fake title = ownership??

 

The bank doesn't have the fake title, it has the real title. Re read the thread.

 

This sounds like a complicated scam, and it may not fit such convenient simplifications.

We can assume the loan the bank issued had the standard language saying the owner lawfully owned it and had the right to transfer ownership. If he got the loan before selling the vehicle, then getting the loan was presumably proper. If had already accepted money for the vehicle and handed the keys over, then he committed fraud signing that loan document.

Clearly there was fraud committed. But which exact parts of the transaction(s) were fraud depends on the order. That's the point I was making.

 

Blood from a stone.....Sketchy people don’t usually have assets or bank accounts in their name so even if the OP won a judgement, he’d prob have a hard time collecting from the scammer.....

OP really needs to spend another $1000 (or whatever) on a lawyer or some legal expert to advise/represent him when dealing with the bank/DMV/cops/courts/repo-men......

 

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.