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Started By
Message
Anyone Ever Deal With A Used Car Dealer Not Sending The Title To Bank?
Posted on 5/27/16 at 2:40 pm
Posted on 5/27/16 at 2:40 pm
Before I get financial lessons on pay cash only, yes I financed a car, its my weekend car and no I dont think it was a bad decision bc I do well and I was trying to keep my cash free being that I was in Houston and thinking that maybe some real estate opportunities would arise over the past few months bc of the oil bust, so my bank gave me great financing terms on the car.
Anyways I dont want to name the dealership bc I just paid an attorney today to write them a letter which fml cost me $1000. Basically, I have the car its been in my possession since I bought recently. I traded in my old weekend car completely paid off + borrowed money at a very low rate from my bank. The dealer I bought it from is actually a really large used car dealer in houston and has a ton of exotic cars as well. Its not a fly by night operation, anyways they haven't sent the title to my bank and my bank keeps asking me for it and tell me the law is 45 days and its been over 90 days and they want me to go down to the dealership and discuss it with them. I've been calling the dealership all week since the bank called me and nobody will call me back, not the sales guy who helped nor the owner.
The place is a little out of my way but I can go up there, but whats the process here. I already paid the attorney, what could possibly be the reasons for them not sending the title to the bank. They have all the money, mine and the banks, and its been 3 months. Could it be related to potentially slow times for them with the recent oil decline and maybe they're using that money to float them for a while? I just cant grasp any other reason to not send my bank the title.
I have the car, Im making my payments, am I potentially going to get this thing repo'd? The attorney said we will wait for them to respond before escalating it more. I just dont know what the next step is.
Anyways I dont want to name the dealership bc I just paid an attorney today to write them a letter which fml cost me $1000. Basically, I have the car its been in my possession since I bought recently. I traded in my old weekend car completely paid off + borrowed money at a very low rate from my bank. The dealer I bought it from is actually a really large used car dealer in houston and has a ton of exotic cars as well. Its not a fly by night operation, anyways they haven't sent the title to my bank and my bank keeps asking me for it and tell me the law is 45 days and its been over 90 days and they want me to go down to the dealership and discuss it with them. I've been calling the dealership all week since the bank called me and nobody will call me back, not the sales guy who helped nor the owner.
The place is a little out of my way but I can go up there, but whats the process here. I already paid the attorney, what could possibly be the reasons for them not sending the title to the bank. They have all the money, mine and the banks, and its been 3 months. Could it be related to potentially slow times for them with the recent oil decline and maybe they're using that money to float them for a while? I just cant grasp any other reason to not send my bank the title.
I have the car, Im making my payments, am I potentially going to get this thing repo'd? The attorney said we will wait for them to respond before escalating it more. I just dont know what the next step is.
This post was edited on 5/27/16 at 8:47 pm
Posted on 5/27/16 at 2:45 pm to dabigfella
quote:
Could it be related to potentially slow times for them with the recent oil decline and maybe they're using that money to float them for a while? I just cant grasp any other reason to not send my bank the title.
I doubt that part. If they are that strapped for cash, they'd be closed by now.
And 1000.00 for a letter?
The salesperson will be out of the loop, either speak to finance or the title office. It sucks they wont call you back, but I'd def pay a visit. Its a simple solution that could be fixed pretty easily.
One of my clients had the same problem a few weeks ago. Come to find out, the original bank still showed a lien on it...even though the balance was zero. Glitch in their system. 90 days is pushing it, the dealership most likely has not even received funding from your bank yet, which is quite scary. But, since you are making payments already that part is also confusing.
Someone dropped the ball.
This post was edited on 5/27/16 at 2:49 pm
Posted on 5/27/16 at 3:12 pm to dabigfella
Yes, the title was mailed to me with only my name on it. My leinholder (bank) is not on the title. This was a year ago. The bank has never called me about it. I have the title in mu safe deoosit box and pay my note
Posted on 5/27/16 at 3:23 pm to dabigfella
quote:
yes I financed a car, its my weekend car and no I dont think it was a bad decision
Whatever you say. It's your money. Like pappy perfect always says...."it's your money, you can either keep it or give it to someone else"
Posted on 5/27/16 at 3:58 pm to dabigfella
quote:
I just paid an attorney today to write them a letter which fml cost me $1000.
Posted on 5/27/16 at 5:06 pm to dabigfella
Dude, you paid a grand for a lawyer to write them a letter before you even went to the dealership in person to talk to them??
This post was edited on 5/27/16 at 5:07 pm
Posted on 5/27/16 at 8:42 pm to dabigfella
quote:
The dealer I bought it from is actually a really large used car dealer in houston and has a ton of exotic cars as well
Texas Direct? Global Motorcars?
Posted on 5/28/16 at 7:17 am to dabigfella
quote:
I just paid an attorney today to write them a letter which fml cost me $1000
Today I learned I need to start practicing Stern Letter Writing law.
Posted on 5/28/16 at 8:12 am to dabigfella
I don't understand how this burden falls on you. You're not going to hold the title, the bank will. Seems to me they should be contacting the dealership.
Posted on 5/28/16 at 8:19 am to dabigfella
quote:
I do well
quote:
I just paid an attorney today to write them a letter which fml cost me $1000
Well you must do well to not care about wasting $1000
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
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