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Message
re: Anyone Ever Deal With A Used Car Dealer Not Sending The Title To Bank?
Posted on 5/28/16 at 8:49 am to dabigfella
Posted on 5/28/16 at 8:49 am to dabigfella
What are the odds that they lost the title?
1
Posted on 5/28/16 at 9:12 am to Dead Mike
So you skipped going there or pushing the bank to handle it, and got a high priced attorney because you have not heard back inside less than a week?
It's sounding more like a brag thread than real life.
It's sounding more like a brag thread than real life.
Posted on 5/28/16 at 9:14 am to NoSaint
quote:
What are the odds that they lost the title?
Id say a 33% chance.
Posted on 5/28/16 at 9:47 am to dabigfella
How car dealerships work is they buy most of their cars on a floorplan. Some car dealerships have a 2 million dollar floorplans (its a line of credit). They probably floored the title to your car. The floorplan company probably has it. The auto dealership is trying to come up with the money to pay the floorplan. If they dont give you a title go straight to the used car commission
Posted on 5/28/16 at 9:54 am to dabigfella
quote:
I can get some backwoods attorney to do something for $200 but if you're gonna retain a real lawyer it costs some money
The only lawyer in Houston worth $1000 for a letter is Joe Jamail, and he's dead. A (junior) partner at Skadden Arps only bills $500/hr.
This post was edited on 5/28/16 at 10:02 am
Posted on 5/28/16 at 10:07 am to GaryMyMan
quote:
So you skipped going there or pushing the bank to handle it, and got a high priced attorney because you have not heard back inside less than a week?
It's sounding more like a brag thread than real life.
Did you even read what I posted? Its been over 90 days. The law is actually 45 days apparently for the dealer to send the title. My banker called me monday and let me know that I needed to see what was going on and how to get it resolved, after 4 days of no response from the dealership, the banker suggested an attorney. If it was a subtle brag thread I wouldve said I bought X car paid X amount and here's a picture.
As for what I paid, it wasn't merely for a letter. It was for retaining his services but thanks for the wise remarks. I can always count on those, thats why I included my own of not needing a lesson in personal finance.
I appreciate the people with the helpful insights so far, Im just worried that whoever the bank is for the place I bought it from is the real owner of the car and could repossess mine. Thats why I went ahead and hired my attorney. A bank lends money to the dealership and when I paid for mine the dealership is supposed to pay off the car to their lender and get the title. This apparently is not happening so we have a problem.
This post was edited on 5/28/16 at 10:08 am
Posted on 5/28/16 at 1:43 pm to dabigfella
You've done everything you needed to do. My guess is they're floating money. They have paid off some other titles with your money and probably pay your title off next week. They dont want to lose their auto dealer license over your car. If no response by end of next week call used car commission. They have every used car dealer by the balls.
Posted on 5/28/16 at 1:55 pm to dabigfella
I just talk a dealer buddy. If nothing happens say after 60 days the state can intervene and force the floorplan company to release the title. Floorplan company will be out the money. The dealership will lose its license. They'll correct everything this week im assuming. They dont want to have to shut down doors to their business
Posted on 5/28/16 at 1:55 pm to FournetteForEver7
Thanks for the input.when you say texas used car commission, I googled that, its not one direct link that says that. Do you have a link with a phone number? I would love to call them myself if possible to see what can be done. Thanks again and did you mean 60 days from now or from the beginning because its been 90 days+ already. I bought the car for the misses as a valentines day gift thats really how long its been
This was all I found for complaining against dealers with the state but its not called used car commission
LINK
This was all I found for complaining against dealers with the state but its not called used car commission
LINK
This post was edited on 5/28/16 at 2:01 pm
Posted on 5/28/16 at 2:06 pm to dabigfella
That looks like the link. They have an contact information number at the bottom. My buddy has number for used car commission in Louisiana but not in Texas
Posted on 5/28/16 at 2:24 pm to dabigfella
Isn't it the bank's problem?
This post was edited on 5/28/16 at 2:25 pm
Posted on 5/28/16 at 7:04 pm to Ton
I'm a car dealer and here is what is likely going on. They used your bank's money to pay off another car on their bank floor plan to free up the title to another car sold before yours. Their floor plan is a line of credit from a specialized bank allowing them to purchase cars and not pay for the cars until they sell. Unfortunately what happens is, they'll get behind for several different number of reasons and use good money from existing deals to pay off previously sold cars or (cover older debt). Their floor plan company won't release the title to your bank until the dealer pays off their loan on the car you purchased. Most likely they'll do this later when they get caught up on their bills. The $1000 to the attorney was a waste of money. If you went through a conventional bank for this loan they probably don't understand how this process works.
Posted on 5/28/16 at 7:22 pm to carguymatt
Thanks matt, I went through my bank which is chase. I think he understood what was happening but was telling me 45 days is the limit and were well past 90 days now and believed something fishy was going on. The place has millions of dollars in inventory pretty hard to believe this is how they operate just barely getting through from deal to deal. Its pretty sketchy to me, but im not in the retail auto business and I cant comment further. Thanks for the insights.
Posted on 5/28/16 at 9:01 pm to dabigfella
frick that. If you are doing as much business with this bank as you say you are then there are other banks out there willing to do business with you. I suggest you start shopping around.
In the meantime, go to the dealership during business hours, call your "banker", tell him to get this shite settled, and hand the phone to the person you are dealing with at the dealership. Once this is done, make sure both parties know you won't be dealing with either of them again any time soon.
In the meantime, go to the dealership during business hours, call your "banker", tell him to get this shite settled, and hand the phone to the person you are dealing with at the dealership. Once this is done, make sure both parties know you won't be dealing with either of them again any time soon.
Posted on 5/30/16 at 6:56 pm to FournetteForEver7
quote:
My guess is they're floating money.
you're goddamn right
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