Check this out and tell me what you think..

The Run down.

My RX8 was finaced through a credt union.. ok.. I traded in my 06 Mazda 3i four door for the 8. They gave me 8gs and I owed 9500. so I put 1500 down. and drove off.. The Credt union sent the draft.. Not the real check just a draft that shows how much I was approved for. So I go a few months and i hear nothing from either of them..

issue..

i contact the credt union and ask about how much i owe thinking I was late on my payment. i find out the loan was canceled after they tried many times to contact the dealer. with no responced from the dealer after 45 days.. and still counting. the car was picked up nov 23.. you do the math.

I contacted my attorny to find out what I needed to do .. and well.. I also contacted a finacing officer at another bank to explain the case.

Here comes the conclusion... both tell me that there is nothing the dealer can do.. the lean is in the credt unions name but thats because they finaced the car. Which never happend.. so.. I basicly own my car for 1500 bucks. I now have to contact the DMV or whatever and attempt to get a title.. with that.. I am then the soul owner of a paid off 04 RX8..

Holy crap anollie .. right............

 

^^^

Wow!!!

Somehow.....I have a feeling that would never work here in Cali.

 

Well, you are doing the right thing by keeping in contact with the bank and with your lawyer. This could come back to bite you REALLY bad, so make sure you are covered. Get stuff in writing, etc... Though I am sure your lawyer is telling you this as well.

If it all works out in your favor, that's a really cool rare break.

 

If this deal works out in your favor then somebody's getting fired LOL

 

omg that is amazing congrats and I hope this all works out in your favor

 

oh wow... unbelievable. you'd think they'd be on it coz it's money-talk...

btw, first time i seen someone with ur red avy, lol. i use a blue one on another forum.

 

Let us know how it goes, you should go buy a lottery ticket too :D

 

No freaking way....I wish I had your dealer....congrats and make sure you're covered!

 

be prepared for when this goes bad.

but good luck to it not.

 

Merry Christmas!

 

Thats crazy. Good luck.

 

If the bank picked up the old Mazda3......Doesn't that count against YOU as a reposession? Have you pulled your credit to check and see how that part worked out? If they got the car, and it was financed in your name, I'd bet dollars to donuts it's on you to make good on that loan.

Sure you got an RX8for $1,500 out of pocket this time, but if you got a repo now listed on your credit report, you'll spend FAR more in future financing fees (by way of higher interest) than the car is potentially worth.

Stay on top of your lawyer, and the credit union. This could go bad quick. I sure hope it works out well for you though!

 

Update us on what happens. But this story is an example of how businesses, well....go out of business. Hilarious. I would buy this entire forum a shot if I got my car for $1500.

 

I have a feeling this car may be getting some nice expensive mods soon

 

guarantee they fix it and you end up paying.

 

2010 seems like an amazing year for you! If I was in your place I would go buy a lottery ticket as well)) Best luck!

 

Let us know when you are released from the lien on the 3 and when you receive the title for the 8.

I hope it works out in your favor. I think what you left out of the background was the purchase price for the 8. Say it was $20K, dealer gets the "3" and is giving you $8K for it.

So the 8 needs to be financed for $12K...you pay off the loan on the 3 by paying the $1,500 -- lien is released for the 3 to the dealer.

I can't imagine you will receive a title for the 8 from the dealer and if the title shows a lien from the credit union the credit union may not release the lien on the 8.

Again, good luck, but follow this through to the end...smart move to have a lawyer involved if he doesn't cost too much.

 

Interesting. The dealer has a lawsuit against the finance company because it acted on reliance of the finance company's paperwork. That suit would proably fail. It sounds as if the finance company rejected the loan, and the dealer sold you the car anyway thinking that the loan was in place. I would be surprised if the sales contract did not make you secondarily obliged to the full loan amount in the event that the loan did not go through, but perhaps that is illegal in Texas. Yeah, sounds like the problem is between the finance company and the dealer and that there is no security interest in your car because the contract was never entered into, which means they can't repo your car. Hmm, Enjoy that 8!

 

The problem here is that you have a car but no title. And if the dealer has the title I don't think MVD will be able to get one for you.
But I hope it works out for you somehow. Good luck.

 

Reminds me of when I got a free access port just not as awesome

 

Only in el paso.

 

Yikes. This could bite you in the ***, you better get something in writing from the lawyer and teh credit union or it doesn't mean ****. But if you get a title then you get a title.

 

to comment on the whole idea that i still owe on my old car or my trade in.. I dont.. I signed my name from the car to the dealer and my ex wife signed as well showing that the dealer was now the owner of the 2006 Vel Red Mazda 3i four door car. The loan I had from this car is no longer in my name. I have contacted the dealer and had questions about the car .. Meaning that I need a new motor and I needed history on the car. They even gave me the place where the car was bought and the places in tx it had services.. told me the guy that bought it babied it and sold it after a heartbreaking choice only because he was old and had problems getting in and out.. Before they contacted me as asked me how the car was and if I was happy with it.. lol.. perhaps they have no clue.. still working on getting a title.. car goes into the shop for its testing tomorrow..

 

another lawyer just gave me this statement..

"Yes, the dealer screwed up. Try to get a title from DMV. Then you should be the owner of the car free and clear. At some point, the dealer could sue you for the money - if they ever fix their mistake and catch it, which doesnt seem likely since you would think they would have caught this already. " Jonathan Steinlaw
Attorney
8+ years as an insurance adjuster,
6+ years as a personal injury and consumer law attorney

 

Certainly looking in your favor. They screwed up, and it's on them to prove that they didn't. Easiest answer is that the dealer went out of business in the middle of the sale, which would make it pretty easily yours. I am assuming they are still in business though, since you didn't mention that, and going to court with "uh, we didn't mean to do that" generally doesn't sit too well with judges or juries. Kind of if you bought the $9,800 car for $98,000 and then sued them cause you didn't mean to add another zero.

Yeah, Title Title Title is your only catching point now, unless the dealer will catch it and try to start requesting payments, although without your signature, I don't think they can just create a lien on the title, especially if they already put a different bank on it.