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Anyone Ever Deal With A Used Car Dealer Not Sending The Title To Bank?

Posted on 5/27/16 at 2:40 pm
Posted by dabigfella
Member since Mar 2016
6687 posts
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.
This post was edited on 5/27/16 at 8:47 pm
Posted by Coach Guidry
Member since Nov 2007
2333 posts
Posted on 5/27/16 at 2:45 pm to
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 by LSU6262
Member since Jun 2008
7506 posts
Posted on 5/27/16 at 3:12 pm to
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 by Mr.Perfect
Louisiana
Member since Mar 2013
17439 posts
Posted on 5/27/16 at 3:23 pm to
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 by dj30
New Orleans
Member since Feb 2006
28738 posts
Posted on 5/27/16 at 3:58 pm to
quote:

I just paid an attorney today to write them a letter which fml cost me $1000.


Posted by VOLcano
Rocky Top
Member since Feb 2016
942 posts
Posted on 5/27/16 at 5:06 pm to
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 by Lsut81
Member since Jun 2005
80263 posts
Posted on 5/27/16 at 8:42 pm to
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 by GaryMyMan
Shreveport
Member since May 2007
13498 posts
Posted on 5/28/16 at 7:17 am to
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 by RoyalBaby
South Central
Member since Jul 2013
2256 posts
Posted on 5/28/16 at 8:12 am to
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 by Porker Face
Eden Isle
Member since Feb 2012
15401 posts
Posted on 5/28/16 at 8:19 am to
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 by Ton
New Orleans
Member since Dec 2015
156 posts
Posted on 5/28/16 at 2:24 pm to
Isn't it the bank's problem?
This post was edited on 5/28/16 at 2:25 pm
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