please help..I did a stupid thing!

[G35_Girl]

What is the name of your state? Texas

I am in texas. This is the situation. I refinanced my car and when I did my old loaner sent me the title instead of to the new bank. I kept it for about a yr not thinking about it. A few months ago my car was stolen and the insurance gave me the money. I stupidly spent the money paying off things...thinking I can just continue making payments for the car. But recently I received mail from the new bank that I need to give them the title. My question is what should I do? Am I in big trouble? Thanks for any help u may give me..or any suggestions.

 

[mr_black]

Did you ever get your car back?

 

[G35_Girl]

No I didnt.

 

[mr_black]

well, I am not a lawyer by any means, but if I were you, I would let the bank know ASAP. Seems to me avoiding this is only going to dig your self into an even larger hole. Since you technically have no legal standing, there probably isn't much you can do except face the music, and try to get this resolved.

 

[hexeliebe]

Yes, it was not the smartest thing...

to do. But you need to give us more information.

Because I don't have all the facts I'll make some assumptions that I hope are true. Regardless, you should consult with an attorney before doing anything except facing up to what you did.

I will assume you are an adult over the age of 18 and that the amount of the money you still owe on the refinancing is more than you have to satisfy the debt.

That being said, there are a few things you need to do RIGHT NOW. Write to the credit institution holding the note on the refinance and inform them you made a mistake and that you are ready to work with them in resolving the issue. They will probably 'call' the loan, which means you will immediately owe all the money. This is a standard clause in every finance package that most people don't know about.

If this happens, you should see an attorney. It will cost you a bit, but if you have an attorney and are ready to face the music, no judge will put you in jail to satisfy the amount. What may happen is a judgement will be entered against you and your paycheck debited, it's called a mechanics Lien.

regardless of what happens you should attempt to pay this loan off as soon as possible, even paying twice per month if you can. You may have paid off other things, but what you did could be interpreted by the court as conversion which means you took something that didn't belong to you (the car) and converted it to your own use without the permission of the rightful owner.

That's a crime. Please step up and take care of this. It will make you feel much better about yourself and will keep you from making the same mistake again.

 

[I AM ALWAYS LIABLE]

My response:

hexeliebe, did somebody give you a hat full of legal jargon and terminology, and are now pulling them out of the hat? You're using jargon that doesn't apply. And, you're using terminology incorrectly.

Where are you coming up with "conversion", "mechanic's lien", and mentioning that "jail" is a possibility?

Please, would you just cut it out. This is a Civil, contract, matter - - not a criminal matter.

IAAL

 

[HomeGuru]

Talk about a hex to a thread.

 

[hexeliebe]

This is where I got the jail reference...

although I am in tennessee, the laws of most states are similar.

the point is, this person needs to get moving because she comitted a crime, not a civil matter and if the finance company wishes to, they could file a complaint with the district attorney.

What will happen at that point is up to the DA but my point to the person was not to let it go that far.

By the way, the finance company "Owns" the vehicle, not the person who received the insurance payment. And that's why this situation could very well end up in criminal court.


39-14-103. Theft of property.


A person commits theft of property if, with intent to deprive the owner of property, the person knowingly obtains or exercises control over the property without the owner's effective consent.

[Acts 1989, ch. 591, § 1.]



39-14-104. Theft of services.


A person commits theft of services who:

(1) Intentionally obtains services by deception, fraud, coercion, false pretense or any other means to avoid payment for the services;

(2) Having control over the disposition of services to others, knowingly diverts those services to the person's own benefit or to the benefit of another not entitled thereto; or

(3) Knowingly absconds from establishments where compensation for services is ordinarily paid immediately upon the rendering of them, including, but not limited to, hotels, motels and restaurants, without payment or a bona fide offer to pay.

[Acts 1989, ch. 591, § 1.]


39-14-116. Hindering secured creditors.

(a) A person who claims ownership of or interest in any property which is the subject of a security interest, security agreement, deed of trust, mortgage, attachment, judgment or other statutory or equitable lien commits an offense who, with intent to hinder enforcement of that interest or lien, destroys, removes, conceals, encumbers, transfers, or otherwise harms or reduces the value of the property.

(b) For purposes of this section:

(1) "Remove" means transport, without the effective consent of the secured party, from the state or county in which the property was located when the security interest or lien attached; and

(2) "Security interest" means an interest in personal property or fixtures that secures payment or performance of an obligation.

(c) An offense under this section is a Class E felony.

[Acts 1989, ch. 591, § 1.]

 

[HomeGuru]

Oh brother.

 

[G35_Girl]

I have talked to the Lein company...everything is fine. They told me I need to continue to make payments. I told them I will pay them off as soon as possible. They dont care as long as I make payments and they get there interest money. But if I stop thats another story.

 

[hexeliebe]

I'm glad to hear that

I hope you make those payments even if it means doing without. Remember, regardless of any other legal remedies the lien company has in the future if you don't, your credit rating could be destroyed with something like this.

Good Luck