Helped finance vehicle [see previous question]found vehicle title did.not have my name...research shows,after signing loan app and sales agreement and title app,dealer changed title app, after submitting to finance company,removing my name,and moving co-purchasers name to purchasor,as sole owner...essentially making me responsible for a loan,with no ownership of vehicle...this was done without my knowledge or the loan company's knowledge...
2007-07-24 09:12:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Have served co-purchaser with civil suit...Have loan company-provided copy of original title application,plus certified title history of vehicle showing amended copy was submitted directly by dealer...have lawyer,will submit this info to him ASAP...
2007-07-24 10:00:01 · update #1
Yes this is fraud on the part of the dealer. They not only lied to you but to the lender as well.
The paperwrok would have had to have been sent to the lender with both names on it since that's the way it was approved. For the dealer to change it after the fact is bank fraud.
2007-07-24 09:37:02 · answer #1 · answered by ? 7 · 1⤊ 0⤋
Doesn't sound good. Have you called an attorney and gotten some advice? Or, contacted the dealerships owner? If you helped finance a vehicle and are solely a cosigner, then there is a possibility that you are part responsible for the loan without any ownership privledges. Read the fine print of the contract. If you were lead on or deceived in anyway and assumed you also would own the vehicle, then, I would definately seek legal action. Good luck Sandman.
2007-07-24 09:36:07 · answer #2 · answered by Rogue 5 · 1⤊ 0⤋
You co-signed for a loan. Guaranteeing the loan and ownership of the vehicle are separate issues and ownership can only be argued when or if your friend defaults.
Go see an attorney.
2007-07-24 09:40:18 · answer #3 · answered by Lorenzo H 3 · 0⤊ 1⤋
Something sure doesn't sound right. Below is the website for the Federal Trade Commission that protects consumers and briefs you on what your rights are. You can file a compliant there. Hope this helps and good luck!
2007-07-24 09:18:06 · answer #4 · answered by Etta P 4 · 1⤊ 0⤋
yes and i hope you are not making any payments. but i would put the payments aside in case the car does come available and you want it.
2007-07-29 05:05:02 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋