My Lotus ownership is in PERIL, ADVICE PLZ

[FLuXeXigeS]

soory to hear about your situation...hope you sort things out ASAP

[evomind]

siik2nr,
first off, its real easy for someone to sit back and point fingers and blame the "victim" for being stupid or careless. gee, nothing like closing the barn door AFTER the horses split. even if the poster is stupid and lacks judgement, does it make it his fault? how many times have you run a police report background check on someone you were buying a car from?
jeez, i swear, some ppl on this board are just too judgemental abt everything.
i think its just the crowd the lotus brand, elise in particular attract.
if you wanna see poor judgement in action, look at the thousands of dollars folks here spend to mod their elises. is it stupid, is it poor judgement? the car depreciates like any other, maybe a little worse but people have a right to spend their money as they see fit without being taken by crooks.
what? u were mugged? oh, it must be your fault for walking down the street. how stupid and careless. that would never happen to me because im so much better than that and youre not....
nice f'in attitude, dude.

anyway, if theres a law enforcement hold on the vehicle then i believe the asset is frozen. good luck getting the car till its released. (im not a lawyer though) i would work with the bank and try to rescind the deal. i would DEFINATELY contact a lawyer. im sure youre not the first guy in the world to run into a problem like this.
good luck and keep us informed.

[lotusforsale]

I guess I'm confused.

I don't see how your bank would've even settled on the loan if you didn't already have all the transfer of title ownership paperwork signed, notarized/witnessed and in order. They wouldn't have if the car was being used as collateral for the loan.

I work for a bank, and I cannot imagine a scenario where you would've been handed a check, to in turn hand to a seller, unless there was a settlement at which time the bank got all the paperwork it needed to secure the collateral in full.

So if you are without proper paperwork for the title for the car but have a car loan with the car as collateral, your bank screwed up big time.

If you obtained an unsecured loan to get the funds to buy the car, then YOU are screwed. You owe the bank no matter what does or does not happen with the car paperwork, and you may never get your hands on a clear title with the seller's situation.

Best of luck.

[NJdrool]

Is there anyway to find out which Judge signed the hold order? Maybe able to contact that judge and see if you can get the hold rescinded?

[evomind]

Originally Posted by NJdrool

Is there anyway to find out which Judge signed the hold order? Maybe able to contact that judge and see if you can get the hold rescinded?

at this point i would try to rescind the whole deal. that might be easier than getting the hold removed.
plus who knows what condition the car is in now. its probably sitting in the police pound.
too many hassles. get the deal rescinded.

[NomisR]

Originally Posted by evomind

at this point i would try to rescind the whole deal. that might be easier than getting the hold removed.
plus who knows what condition the car is in now. its probably sitting in the police pound.
too many hassles. get the deal rescinded.

I thought he has the car in his possession, just not the title..

[Tracktimeplz]

I have the car, IF the police see it, it gets taken. Ive payed two payments and bought insurance from the car, im NOT handing it over to them unless they come to take it. I have a bill of sale signed by the previous owner so I(under normal circumstances) would be able to get a temp tag for the car in MY name. However, if I were to goto the tag office, they would most likely seize the car because of the current hold.

Im at work today, and its a busy one for me so I haven't had any breaks to call the bank, but im seriously considering trying to cancel the whole deal at this point. If they take the car from me I might actually have some legal trouble over it, and as much as I love this car, thats not worth it.


To lotussales, My bank sent me to pick up the car with the power of attorney in the mail, not yet signed. They had mailed his bank the check for the car already, so maybe they did get a bit out of order. If so, wouldnt this be yet another reason I wouldnt be held responsible for the car if the title never gets let go?

The loan is a car loan, for this car, not unsecured.

[fishguy]

get out of the deal, and run like the wind!!!!!
think of it like a woman, she looks great, but has "issues", same deal, run like the wind before you get invovled beyond the point of it making your life difficult.
IMO, this car is not meant to be, same lesson as the RX-7(if you actaully did learn from it), if it (rx-7)became a hassle, it wasnt meant to be.

life is a learning lesson, wise people make mistakesall the time and learn from them(thus not repeating them).

Dummies, keep doing the same thing over and over, with the same results.

which are you going to be one this one?

[Tracktimeplz]

Talked to the bank, the loan officer had the VP(small credit union) call me and I didnt get good news.

Apparently since the lien satisfaction was sent from the previous owner's bank, they are off the hook totally. Now, its between Me, my bank, and the state.

So I ask her, "What are my options if for some reason they will not release the title" I get back "Well you signed the car note, so you are on the hook for paying it, beyond that, I dont know, you should contact an attorney if it gets to that point"

From this, Im starting to feel that my bank will pin this all on me, how can I buy a car without the title? Arent the loans TIED to a title?

[MaineLotus]

The bank is not going to admit fault. Hire an attorney, best advice.

[evomind]

Originally Posted by Tracktimeplz

Talked to the bank, the loan officer had the VP(small credit union) call me and I didnt get good news.

Apparently since the lien satisfaction was sent from the previous owner's bank, they are off the hook totally. Now, its between Me, my bank, and the state.

So I ask her, "What are my options if for some reason they will not release the title" I get back "Well you signed the car note, so you are on the hook for paying it, beyond that, I dont know, you should contact an attorney if it gets to that point"

From this, Im starting to feel that my bank will pin this all on me, how can I buy a car without the title? Arent the loans TIED to a title?

hmmmm....how can the bank be a lienholder on something they dont legally own or hold title to?
this is a mess. talk to an attorney.

[xxxotic]

Someone told me about these sites.Maybe it will help


Check the DMV website to see if the lien is on the car
> You will need either the VIN # or title #
>
> https://www6.hsmv.state.fl.us/rrdmvcheck/mvcheckinq
>
> Once the lien is released, go to the following link to order the paper title (a title will not be automatically sent, it must be requested from the State of Florida)
>
> Official Website Florida Department of Highway Safety and Motor Vehicles



The credit union screwed up. When you pay off the loan, they will not be able to give you the title, since they didnt follow the correct procedure to ensure that they titled the car and recorded their lien.

If the Bill of sale shows a date prior to the date that the lien was placed, then they might have a case to get the lien released if the state is willing to play fair.

It's sort of like slapping alien on a property before the new owner gets to take possession. Whoeever gets to the courthouse and records the lien first wins. In your case it looks like the state did the lien first, since the credit union never changed the title or recorded their lien.

Tell them that you want to sell the car and need the title and see how they react!

Did you purchase gap insurance? This covers the decrease in value if the car is totalled and the insurance company pays less than the loan balance. I dont know if this would cover things like that or not.

You should call your insurance company and tell them what happenned. If the car is totaled, then they wont be able to get the title either. However, if they here this they may drop the coverage, so be careful.
>

[Green Ghost]

Drive it as much as you can before you give it back.
Then when you get your money back go get another one.
And don’t give it back unless you get all your money back.

Kevin

[Green Ghost]

O-ya, and take all the good stuff off the car and put some stock stuff back on.

That turbo may look good on your next car.

Kevin

[lotusforsale]

Originally Posted by Tracktimeplz

To lotussales, My bank sent me to pick up the car with the power of attorney in the mail, not yet signed. They had mailed his bank the check for the car already, so maybe they did get a bit out of order. If so, wouldnt this be yet another reason I wouldnt be held responsible for the car if the title never gets let go?

The loan is a car loan, for this car, not unsecured.

Ouch. Your bank went WAY out of line on this. Where I work someone's head would roll.

The question is, are you responsible? Assuming all is as you say, literally, probably not.

Questions are raised on the fact that you've made two payments against the loan (did you get a payment book or online payment schedule? If you did, again I cannot imagine the bank going forward without their paperwork in order), indicates that you are obtaining use from and purchasing the vehicle. On the other hand, their cashing the checks and applying against the loan on their end validates some type of contractual agreement. You've got a mixed up situation there. Where did you get financing? Acme Car Loans?

That said, it can and probably will either cost you a small fortune and/or the car itself to prove yourself right. That's called a moral victory.

If you make them repop your car, that will show up in your state's judiciary case search database, available to anyone who knows where to look, and most certainly will impact everything from future job applications (HR offices know where to look) to credit reports.

Moral. NEVER hand over payment for a car unless in the other hand, simultaneously you are receiving a fully executed (witnessed/notarized) bill of sale, lien release or equivalent, signed-over title, and anything else you need to go straight to your DMV to get title/Tags.

NEVER leave any loose end hanging.

Again, best of luck.

[fishguy]

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[fishguy]

..

[fishguy]

,

[fishguy]

get the idea yet?
RUN AWAY FROM THIS DEAL

[noobified]

Good luck, dude. Stay persistent until you have the title in your hands. I hope all turns out well for you after all your bad luck.

On the other hand, if you can get out, just get the hell out!