bankers breaking verbal agreement on repossessed car sale

[citizenquandry]

What is the name of your state?What is the name of your state? Arizona
Just recently a family member went to her bank and noticed some repossessed vehicles on sale. She went in and made a counter bid on the vehicle, later they called her back and told her they had accepted her bid. Keep in mind all this happened during New Years Eve, a Friday and told her she could go to the bank that same day to sign papers and she would be able to take the vehicle home with her. Unfortunately, my sister was working and unable to do so, instead she told the loan officer she would get a hold of her on Monday. She calls on Monday to speak with the loan officer, they discuss what credentials she will need to bring in and set an appointment for Tuesday Morning. Tuesday morning my sister is informed by the loan officer that there was a mistake and the vehicle that was promised to her was sold to another customer. The loan officer who had originally made arrangements to sell the car to my sister mentioned that another loan officer above her made the decision to sell the car to another customer knowing it had already been promised to my sister. Needless to say my sister is very upset and isn't sure what to do, could you give us some advice on how she should handle this.

[cmorris]

Purchase another repo.

What does she want them to do? Repo it from the new, innocent owner? Pay her?

[Happy Trails]

Originally Posted by citizenquandry

What is the name of your state?What is the name of your state? Arizona
Just recently a family member went to her bank and noticed some repossessed vehicles on sale. She went in and made a counter bid on the vehicle, later they called her back and told her they had accepted her bid. Keep in mind all this happened during New Years Eve, a Friday and told her she could go to the bank that same day to sign papers and she would be able to take the vehicle home with her. Unfortunately, my sister was working and unable to do so, instead she told the loan officer she would get a hold of her on Monday. She calls on Monday to speak with the loan officer, they discuss what credentials she will need to bring in and set an appointment for Tuesday Morning. Tuesday morning my sister is informed by the loan officer that there was a mistake and the vehicle that was promised to her was sold to another customer. The loan officer who had originally made arrangements to sell the car to my sister mentioned that another loan officer above her made the decision to sell the car to another customer knowing it had already been promised to my sister. Needless to say my sister is very upset and isn't sure what to do, could you give us some advice on how she should handle this.

She hadn't yet been approved and may not have been depending on her credentials. It's a matter of who gets approved and closes the deal first.