Breach of contract, retrieval of assets

[xajnabi]

What is the name of your state (only U.S. law)? Texas
I was scammed by a possible con artist into thinking that I could be a business partner with Andy, an owner of a limousine service company with 10% share in net profits.

The investment part: I had to purchase two Lincoln Town Cars, valued at ~35K each for which I paid approx ten percent down. Andy had drafted a contract stating that he will assume the payments on the bank note and also take care of the maintenance of the cars. Furthermore he had me sign a notarized power of attorney, allowing him to do as he pleases with the cars. It has been over a year and I am still making payments on the car and have not received a single cent as income. Andy has stopped responding to my phone calls and I dont have the cars either. I have not been able to make the last two payments on the two cars and has severely affected my credit. I am looking for some assistance on what legal course of actions can I take.

 

[tranquility]

Does you business partner have any assets? If not, nothing. If so, sue him for breach. You have no recourse against the car dealer as they did nothing wrong. Your credit is going to be trashed. That could be part of your damages, but would be very difficult to determine the amount. Tell the dealer you aren't going to pay for the vehicle loan any longer and to repossess the cars. That way you might at least reduce the amount the dealer is going to sue you for on the collection of your validly owed debt.

 

[Zigner]

You could always revoke the POA and retrieve YOUR cars.

 

[xajnabi]

How exactly do I go about revoking the POA?

 

[HomeGuru]

What is the name of your state (only U.S. law)? Texas
I was scammed by a possible con artist into thinking that I could be a business partner with Andy, an owner of a limousine service company with 10% share in net profits.

The investment part: I had to purchase two Lincoln Town Cars, valued at ~35K each for which I paid approx ten percent down. Andy had drafted a contract stating that he will assume the payments on the bank note and also take care of the maintenance of the cars. Furthermore he had me sign a notarized power of attorney, allowing him to do as he pleases with the cars. It has been over a year and I am still making payments on the car and have not received a single cent as income. Andy has stopped responding to my phone calls and I dont have the cars either. I have not been able to make the last two payments on the two cars and has severely affected my credit. I am looking for some assistance on what legal course of actions can I take.

**A: yes you were scammed. Sell the limos.

 

[xajnabi]

Thanks for the response. What I am still not clear on is, what legal actions can I take to get my cars back, so I can at least attempt to sell them and pay off some of the loan. How is the Power of Attorney revoked? I understand that my credit took a hit, but is there nothing I can do against Andy for damages?

 

[xajnabi]

Thanks for the response. What I am still not clear on is, what legal actions can I take to get my cars back, so I can at least attempt to sell them and pay off some of the loan. How is the Power of Attorney revoked? I understand that my credit took a hit, but is there nothing I can do against Andy for damages?

 

[seniorjudge]

Do you have the titles to these cars?

 

[xajnabi]

No I dont, since I still havent paid them off.
I would like to know how a Power of Attorney is revoked, so I can repo the car and sell them off.