We have sold a commodore, only to find out from the new owners there is finance on it – from the people we bought it off about 8 months ago. They paid out the car loan (and provided us with a certificate), but we have since found out they were obtaining a PERSONAL loan while they were selling the car, and using the car as security for that loan. The loan is with GE – they tell me it is a breach of contract, but since the loan is not specifically a “car loan”, im wondering if they can still take the car? Can we sue these people or something? Does the previous owner get in trouble for selling a car he was using as security for a personal loan? Also, the new owners want their money back but we have spent it ($15,000.00!!!!), but my boyfriend wrote a receipt saying he would pay him back the money if he wanted to do so, if this issue wasnt sorted out within a week. Its been 2 now. Ive googled till my fingers hurt – i cant find ANYTHING. Please help!!!!!
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2 Comments
Basically, the car has a lien on it, and the lien holder probably has the title as security.
One cannot get the title untill the lien is paid off.
One should be able to sue the past owner, but getting the money may be the problem.
One should find out how much is owed on the vehicle. One should contact the lien holder and explain the situation.
If one cannot get the $15,000.00 back, it may be worth paying off the lien, IF NOT TOO MUCH.
An attorney may be able to sort this out.
Your post runs from yourself to the other party. Very confusing.
If the car was used as collateral for a loan, the loan company holds the title (pink slip). The registration for the vehicle will be in your name. But, the loan company actually owns the vehicle until the loan is paid off. That is, upon default of the loan, they have the right to repossess it.
If you bought the car from the registered owner, he would have had to provide you with the title signed over to you. They can only get that title from the loan company if the car loan is paid off.
So, my question then is what exactly did you receive from the seller of the vehicle? If it’s the title and you have submitted it to the DMV for a change in ownership, the car is yours and no one can take if from you. This is why you never keep the title in your car. Someone can sign your name to it and turn ownership of the car over to themself. That’s also why the loan companies retain the actual title until a car loan is paid off.
If I were you, I would take all of the paperwork I have on this car – including any sales agreement between you and the seller – to the DMV and get this squared away. It could be that the seller gave you some kind of certificate that isn’t the title, so he could rip you off for the money he owes on the car. Or, he might just not know what he’s doing (it’s not exactly straightforward what to do when you sell a car) and you need to have the DMV straighten things out.
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