My father took out a personal loan through a finance company last year in 2006. The finance company wanted a car for collateral and he used my car title even though the car title is in my name. He passed away in April of 2007, I can not afford to pay the finance company the payment amount they were charginghim on the loan on a monthly basis. They are threatining to take my car if I can not pay it even though the loan is in my father's name and the car title is in my name only. He did not leave a will and his house was under mortgage so there is no estate. Is there anything I can do to save MY car from repossession. I do understand that paying the bill for the loan each month is the way to do that but I recieve SSI and do not have as much income as my father had. Please help?
2007-12-07 16:58:52 · 6 answers · asked by nicki b 1 in Business & Finance ➔ Renting & Real Estate
I recommend that you talk to an atorney immediately.
Many attorneys will talk to you for 15 or 20 minutes at no charge. They will help you determine if you have a case;.
It sounds to me like your father may have been guilty of fraud. Since the car was in your name, and not his name, I do not see how your father could have used your car as collateral for the loan.
It sounds to me like the finance company essentially made an unsecured loan to your father and the finance company may have a claim against your father's estate, but they should have no claim against your car.
2007-12-07 17:13:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you did not sign for the loan what the finance company did was illegal. Ask them to send you a copy of the title and all documentation for your father's loan. He may have forged your name. You may have to prove to them that you own the car and that you never signed anything.
They have no right to take your car as long as you are contesting this and can prove that you did not sign the title over to your father and are not a co-signor on the loan.
If you cannot clear this up you may have to hire an attorney.
2007-12-08 00:48:31 · answer #2 · answered by ebosgramma 5 · 1⤊ 0⤋
You just tell them that they have no basis to put down your car as collateral on someone else's loan. Tell them if they continue to harrass you, you will report them. And then tell them to go to hell. They should have made sure that the car was in your father's name. They are a shoddy company and I would report them to whatever state organizations you can. Also don't forget to call your local TV station-you know the one with the roving reporter and tell them you are on SSI and a loan company is trying to take advantage of you. Then get online and look up the attorney general of your state and report them. What they are trying to do is illegal! Also the next time these idiots call, tell them that you want them to send you a letter stating what they want from you and why because you don't understand. Trust me they won't do it because that will give you proof of what they are trying to do. And then tell them to go to h*ll. If they take your car, report it stolen and then get an attorney, youknow the one that will take a part of the winnings for his fees, and go get em. They are trying to bluff you into paying and they know they are not right and their tactics are deplorable.
2007-12-07 18:30:37 · answer #3 · answered by towanda 7 · 0⤊ 0⤋
theyres something missing. collateral can only be put up by the owner so either he is part owner or you signed papers allowing him to do this. if either of the above is true your best bet is to try and settle with the company. if you did not sign any papers and the title/car is owned soley by you, your father and the finance company has no right to put a lien on it, or a loan against it.
2007-12-07 17:03:48 · answer #4 · answered by Zach L 2 · 0⤊ 0⤋
Call a legal office in your local area and see a lawyer for a consultation on the matter. we cannot help you.
2007-12-07 17:14:21 · answer #5 · answered by Princess Picalilly 4 · 1⤊ 0⤋
yes they can
2007-12-10 15:52:34 · answer #6 · answered by LEELEE 2 · 0⤊ 0⤋