Got car repoed, VERY threatening phone call from Bank!
Date: Fri, 03/13/2009 - 07:30
I took out a car loan with Autobank with my wife as a cosigner in November of 2007. I paid great, current, all through May 2008. In May, we were buying/renting to own a place and I decided I didn't need the $418/mth note on the car.
What I went ahead and did was ask the dealership I was working at (where I bought the car) if I could just transfer ownership of the car to someone else, which they said ok to.
Well, I found someone by the name of Reon who was willing to take over payments. We signed all the necessary paperwork, etc, and he took the car. In December 2008, he stopped paying on it. After this, I start getting calls (I dont work at the dealership anymore) from the bank and I keep telling them I dont have the car, he does! Well they repossessed it somewhere in Mexico (where he lives) and now they're sending my NOW ex wife a certified letter saying that she is going to owe the balance after the auction that was owed on the car.
She called me all mad, accusing me of forging her signature to be a cosigner (I know I didnt) and that she is going to press charges on me.
The bank called my work this morning, and the conversation was very threatening. The lady basically said "well, you gave the car to a third party"and I said "no,I didn't give the car, I transferred it over to them" and she said "no, you didn't, do you have an attorney?" and I said "yes" and she said "well what is HIS contact information" and I said "hold on let me get it" but before I could give it to her, she said "look, you will be served with an amount in which you the deficit, that is how it is, this conversation is being recorded" and hung up.
WHAT THE HELL!? I have my ex wife accusing me of forgery and ruining her credit, I have this bank saying I'll be getting "served". What the hell should I do? Does anyone know anything about this?
Hang tight....this one sounds pretty complicated. Hopefully Deb
Hang tight....this one sounds pretty complicated. Hopefully DebtCruncher will see this and respond soon.
Thanks,I'm looking forward to anyone's help! Kinda stressing...
Thanks,I'm looking forward to anyone's help! Kinda stressing...
the bad part about this situation is you cant just transfer a ca
the bad part about this situation is you cant just transfer a car loan, most banks requre the person to refinance the loan in order to transfer ownership. so even though it was in 3rd party posession, everything is still in you and your ex wifes name. so as far as the legal part you and ex spouse are still responsible. as far as you and the 3rd party you would have to take to civil court but if he is in mexico then that probably wont ever happen. i see this every day and in my line of work and i always tell people do not let a 3rd party take over payments, 8 times out of 10 this is how it ends up. the 3rd party thinks hey this isnt affecting my credit so it doesnt matter if i pay or not. and you can tell the bank whatever you want but as long as the loan is still in your name they dont care. what kind of paperwork did you and the 3rd party sign when you gave him posession of the vehicle? the dealership you used to work at gave you bad advice, i mean yes you can give somone posession and give them power of attorney or what not so they can get the vehicle registerd, but the way the bank sees it is bottom line they loaned you the money and as long as there is a balance on the loan you are responsible. i know its crappy and its a crappy situation but thats how the auto finance industry works.
Ditto what bastoops said. The purchase of that vehicle and "con
Ditto what bastoops said. The purchase of that vehicle and "conditional sales contract" was between you and the lender. You can't just transfer the car and obligations under that note to another person without the lienholder's consent. Also, if you read your financing contract, it specifically tells you that you cannot do that, and they can declare a default if you do.
I don't know how Reon would have gotten the car registered without the title. The bank has the title and won't release it's lien until the account is paid off. If your dealership subverted the system to make that transfer for you, they could face some repercussions because they're not supposed submit any titlework to the DMV without having the title in their hand (and I'm surprised the Secretary of State would accept that transaction without the title and lien release being presented). Your bank could probably sue the dealership for doing that, as it violates their dealer agreement on file.
Had this action been committed in IL, it could be a misdemeanor for which the lienholder could file charges against you:
In some locales, the conversion of mortgaged property and/or your conveyance of ownership in property to which you don't hold title could also be considered fraud.
This pretty much is a serious matter, I'm sorry to say. The lender is within its rights to come after you and your wife for the balance. I don't know what to say about your wife threatening to press charges. Either she signed the contract, or she didn't. If she did, then she's responsible for the debt too.
Hopefully the deficiency balance isn't very high after sale of the chattel; but you will need to make arrangements to pay it or else the bank will end up filing suit against you (and your ex) for the balance.
