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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
10
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 2:51 pm to Coach Guidry
The place is about an hour from me, but yea I need to find time to go. I dont want to say the value of the purchased car but it could definitely float a business for a while it was well north of a nice house. So my first thought was they've run into problems and are now keeping their clients money. Im just surprised my bank is asking me to do it and they're not sending someone to deal with it.
The attorney scared me more by suggesting they could be doing that and keeping clients money then shutting down.
The attorney scared me more by suggesting they could be doing that and keeping clients money then shutting down.
This post was edited on 5/27/16 at 2:53 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 3:31 pm to Mr.Perfect
Yes, Auto dealer claimed they sent it to the bank. Bank claimed the dealer never sent it. I just applied for a duplicate at motor vehicles cost me $60.
Posted on 5/27/16 at 3:47 pm to 3D
quote:
"it's your money, you can either keep it or give it to someone else"
I dont know why the cash only crowd always steps up to the plate to criticize financing. I could have paid cash but I financed this vehicle not because I wanted to give someone else money but because life is short and money is incredibly cheap.I just wanted to enjoy it today while knowing a small payment wasn't going to affect my lifestyle and it left me cash to make other quick moves in real estate if any appeared bc cash in real estate makes deals happen way quicker than financing. One of which Im in the process of purchasing a nice tract of land that I will develop.
So to get the car I want + a piece of land just by financing the car I feel like I made a good move bc financing the land was going to be alot harder and the cash let me negotiate a hell of a deal with a quick closing. Its much easier obtaining financing for the car than the land which is only appraised at 1/3 of its asking price.
For the record, life is short, if you can swing something fun and it doesnt change your lifestyle do it, a good friend of mine had a heart attack at 35 and died a few months back and he wasnt overweight....enjoy this life, you only get one.
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 4:15 pm to dabigfella
I dont want to say the value of the purchased car but it could definitely float a business for a while it was well north of a nice house.
I'll take a guess and say its 150-200k. If thats the case, we blow through that by 7:15AM...opening at 7am.
Something else is going on. You need to get with DMV and see who that vehicle is registered to.
I'll take a guess and say its 150-200k. If thats the case, we blow through that by 7:15AM...opening at 7am.
Something else is going on. You need to get with DMV and see who that vehicle is registered to.
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 5:16 pm to VOLcano
Ive been calling them since monday and the receptionist keeps telling me someone will call me back and nobody does. My work is probably an hour and a half away from the place in the other direction, i usually leave the house by 6 am and come home by 4 or 5 everyday. I honestly did not have time to go down there. I waited 4 days patiently for a call back that never came so a friend recommended a lawyer I talk to.
Posted on 5/27/16 at 7:41 pm to dabigfella
Did you get a notarized bill of sale
Posted on 5/27/16 at 8:03 pm to bigwheel
of course I have the bill of sale, the attorney said all my paper work is good and i have the car, but they are not sending the title to my bank who did the financing. He said they're playing games and he just cant get why unless theyre having money problems.
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 5/27/16 at 8:46 pm to Lsut81
Id prefer not to mention the name of the dealer in public but they easily had $20M+ in inventory, they had one car asking $900k on site. Im not sure how those cars get paid for, but they have money. im not looking for any kinda problems from them for slander or something. I hired an attorney and we'll see where it goes from here but was just curious if anyone else had dealt with something like this.
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 8:11 am to GaryMyMan
I dont know what you guys think it costs to retain a lawyer to help you, but professionals make money these days. Im sure I can get some backwoods attorney to do something for $200 but if you're gonna retain a real lawyer it costs some money. I had to spend $16,000 in legal fees 2 years ago bc I had to defend myself vs a guy who parked a car at one of my stores and a tree during a storm fell on the guys car and somehow that was my fault.
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 8:23 am to RoyalBaby
thats what I said earlier in this thread. IT shocked me too bc Im in the chase private client but my banker called me monday and said hey just wanted to let you know I got a message that we still havent received the title from your car and its been 90 days now and Im being told the legal limit is 45 days so if you could please contact them and see whats going on and let me know. So I tried calling everyday monday-thursday, never got a response from those guys. I called my banker back friday morning and he suggested an attorney to me, he advised me not to get the bank involved yet bc I utilize them alot to finance new properties and what not, he advised me to try to resolve it without getting the bank involved as to not have them frown upon me in the future for whatever reason, which I also didn't grasp.
Anyways I took his advice and tried to resolve this without the bank getting involved, but they will be involved if this attorney cant get it resolved I just retained him yesterday.
Anyways I took his advice and tried to resolve this without the bank getting involved, but they will be involved if this attorney cant get it resolved I just retained him yesterday.
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