I don't get it

E

EFXAD

Member
My friend (not me really) decided to buy his car from bmw after his lease expired. He financed it through bmw credit. Today, he received the title (not the copy) from the state of nevada but there's not a lien holder recorded on the title. His name is the only one on the title. He seems to think that he now legally owns the car free and clear and the loan contract is no good as bmw released claim to the property. I can't come up with a legal reason to argue that he still has to pay but it just doesn't seem right to me. My past few cars I've bought outright but I remember that there was always a lien holder on the title and I only had a copy of the actual title when I financed.

Any thoughts on this?
 
Obviously an error, and once the documents are reviewed he'll be making those payments... or he may walk around with a big huge fat smile on his face, while somebody else :headbang:
 
EFXAD said:
I can't come up with a legal reason to argue that he still has to pay
Any thoughts on this?
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The legal reason he has to pay is the sales contract and financing documents he signed promising to pay! :D For the last car I financed they issued the lender an alternate title which was mailed to me when the balance was paid.
 
rabman5 said:
EFXAD said:
I can't come up with a legal reason to argue that he still has to pay
Any thoughts on this?
Click to expand...


The legal reason he has to pay is the sales contract and financing documents he signed promising to pay!
Click to expand...

Yeah, I tried that too but the conditions of the contract no longer exist upon the release of the lien. I say he'll get sued anyway but then I dont know.
 
Is there an intent here that may be less than what would normally considered as honest? Or am I reading this incorrectly>
 
I cannot speak specifically of US law but have spent my entire career in consumer lending in all its forms and worked mainly with US companies so here's where I think you would stand:

The agreement to pay would be enshrined in some form of loan agreement detailing the terms, as mentione dby others above. The car was security for a loan that in the event of non payment they could repossess.

I'd say you still have to pay regardless of an admin error, but if you don't they could not simply collect the car but woudl have to sue you to get the money back, however if you have a reasonanble job, etc. you'd just pay anyway as your credit rating is worth too much to lose
 
cj10jeeper said:
I cannot speak specifically of US law but have spent my entire career in consumer lending in all its forms and worked mainly with US companies so here's where I think you would stand:

The agreement to pay would be enshrined in some form of loan agreement detailing the terms, as mentione dby others above. The car was security for a loan that in the event of non payment they could repossess.

I'd say you still have to pay regardless of an admin error, but if you don't they could not simply collect the car but woudl have to sue you to get the money back, however if you have a reasonanble job, etc. you'd just pay anyway as your credit rating is worth too much to lose
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Exactly as I also worked in both consumer and commerical finance for just over 20 years before moving into emergency services.
 
No problem!
For a small upfront investment I can make sure that everyone gets a $1,000.00 check. Just email me at [email protected].





(as with all investments there is some financial risk involved) :evil:
 
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