Someone Please Help Me !!!!!!

[David5503]

What is the name of your state?AL

What is the name of your state? ALABAMA

I was previously employed by a car dealer,I had been there a pretty good length of time. I needed a way of going so the owner of the company called the bank, the owner did not cosign on but he did tell the bank i was good for it, when i quit he got mad and purchased the loan from bank, and came to my house and took one of the vehicles that were secured.

The bank then signed off on both titles releasing them as a lienholder and mailed them to me by accident , so I contacted bank they say they have the option to sell any account they wish to. The one that bought the loans got mad since the bank made an error on mailing me the title, the bank now says they still have the loanl. I Was never late on one payment for 11 months now they refuse to take payment.

Sit down with 2 local attorney's to see what i could do legally. they said the owner of the business would be a conflict of interest if either one represented me, they also advised me not to sell the vehicle but one said the loan is no longer secured by collateral since the bank released as lienholder is this true also? I know i still owe the loan but is it unsecured now or what?

Should i discuss with an attorney (in different county) to see my options?

[debtcollector`]

Originally Posted by David5503

Should i discuss with an attorney (in different county) to see my options?

Yes ...... ......

[Ladynred]

If you were not late on any loan payments, then the former employer had NO right to repossess the vehicle. What were his grounds for repossession ??

If you no longer have the vehicle, as it was repod by the lienholder, then the money you owe is no longer a secured debt - and the bank released the title w/o the lien. No lien = no 'security' against the loan.

Depending on the circumstances behind the repo of the one vehicle, there may be legal violations of the UCC (Uniform commercial code) which governs such things. Specific procedures MUSt be followed.

Definitely see a lawyer, one who is NOT involved with this former employer or his business.