Recently I was informed that my car was sold to a bank in another state without my knowledge. Supposedly someone used my personal information to buy my car and sell it to an out of state bank…
When I called the auto company and asked how they could sell my car without my approval they said that: a) someone acted as me to authorize the transaction, and b) they can do with my loan what they want.
Is this legal?
if you are talking about a bank buying your loan from another bank, that happens all the time and is perfectly legal. (assuming it keeps all the same terms).
but if someone stole your identity, and bought a car with your credit info, then sold it… that is a whole different situation. you should be speaking with the police if this is the case.
Floater hit the nail on the head. Banks buy and sell each other’s debt all of the time. The whole “Great Recession” was based around that concept (i.e. CDO’s).
I don’t understand your question? Are you not in possession of your car? What is an auto company? Did a dealer submit a falsified loan app? Did one financial institution sell your purchase contract to another lender? Auto paper(personal property) is not normally sold by the originating lender.
Need more details. Kinda interested to hear if his bank sold his loan like they do with mortgages. Maybe the car was dealer financed? Then the dealer sold the debt to a bank?
OMGeeeee!
Sorry, been too busy to respond quicker. My ex decided to buy my property without my permission and used my identity info to go around me and refinance my property through her bank.
I financed a VW auto through VW and they sold the auto to an out of state bank without my permission. I had previously asked them to lock my account and prevent anyone from accessing it, but despite my request they allowed her to proceed.
Isn’t that illegal?
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
was her name on the title as well or just yours? If i refi an auto loan we require proof of ownership and consent of all parties on the title/bill of sale. If her name was on the title and she acted like you were on board she may have been able to get away with it. But still, most banks would require a notorized signature from btoh parties.
No. Only my name was on the title.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
don’t take this the wrong way, but there must be more to it that that…? VW could sell off your loan to another bank if they want to but your ex can’t just have them change over ownership of the vehicle’s title. Was she able to accomplish whatever she did at a local dealership or over the phone? If local, go down there and speak to the Fincnace VP. If on the phone insist for a supervisor.
That is the whole story. I called VW and they said a form had to be signed for the vehicle to be released and that they had a signed form of release. When I asked for the signed document they said they had already disposed of it and didn’t keep it on file.
All was performed over the phone.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
quote:
Originally posted by DrumReaperThat is the whole story. I called VW and they said a form had to be signed for the vehicle to be released and that they had a signed form of release. When I asked for the signed document they said they had already disposed of it and didn’t keep it on file.
All was performed over the phone.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
Well that seems fishy. I feel like in order to sell your loan, which is totally legal, they’d have to keep the consent form on file…
I agree… They said they don’t keep them on filelong because they deal with so many loan transactions per day.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
Something just doesn’t sound right here. I would have my lawyer contact the parties involved.
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quote:They are required to keep stuff like that by law (Sarbanes Oxley). How can they prove a transaction happened if they don't have the paperwork? What is the point of signing a document if they don't keep it?
Originally posted by DrumReaperI agree… They said they don’t keep them on filelong because they deal with so many loan transactions per day.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
Yep, something isn’t adding up. I am not in the auto loan business, but I have been in the real estate loan business for 21 years, and companies don’t just decide that they aren’t going to keep documents that establish a proper transfer of ownership. If the situation is as you describe, then there was an illegal transfer of ownership and you most definitely should contact an attorney.
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Ok. Thanks guys. I appreciate the help. SkineeJ, thanks for the case law.
Grace gives us what we do not deserve… Mercy does not give us what we do deserve. -Charles Stanley
I would contact the compliance office at the VW finance operation and the F&I guy at the dealership. Every document involved with the sale and financing has to be retained there are many different federal and state laws controlling lending transactions.