Finance Company Stolen Report

[whenstomorrow]

What is the name of your state (only U.S. law)? California

My girlfriend bought a car and was making payments to a private party. She paid 1000.00 and found out the finance company owns the car and she cant get the title. They want the car back but she wants the money back. They are threating to report the car stolen. Can they do that and how can we get the money back?

[Zigner]

Originally Posted by whenstomorrow

What is the name of your state (only U.S. law)? California

My girlfriend bought a car and was making payments to a private party. She paid 1000.00 and found out the finance company owns the car and she cant get the title. They want the car back but she wants the money back. They are threating to report the car stolen. Can they do that and how can we get the money back?

This is not a stolen vehicle.
However, you won't get the money back either. You've rented the car. How much does your gf owe on the car still? If the agreement was that title would be transferred once the car was paid for, then there really hasn't been a breach yet.

[whenstomorrow]

She bought the car from a friend for 2,500 and yes he was going to give her the title once the car was paid for. The friend owes the finance company around 5,000 but we didnt know that. Now he said he lost his job and cant repay the finance company and wants to just give the car back to them but he still owes her the money she paid under the intent to buy the car.

[Antigone*of*Greece]

Originally Posted by whenstomorrow

She bought the car from a friend for 2,500 and yes he was going to give her the title once the car was paid for. The friend owes the finance company around 5,000 but we didnt know that. Now he said he lost his job and cant repay the finance company and wants to just give the car back to them but he still owes her the money she paid under the intent to buy the car.

She needs to give the car to the finance company. She can sue her friend, but good luck getting a judgement.

[rhinocl]

If she has something in writing from the seller she may be able to negotiate payments with the finance company. Also they will probably need a signed authorization to release info from the seller. (if they ask they might provide a blank or just get one off the web). It doesn't sound like it would be worth it unless they'll come down on the amount owed. It never hurts to ask though.

[Antigone*of*Greece]

Originally Posted by rhinocl

If she has something in writing from the seller she may be able to negotiate payments with the finance company. Also they will probably need a signed authorization to release info from the seller. (if they ask they might provide a blank or just get one off the web). It doesn't sound like it would be worth it unless they'll come down on the amount owed. It never hurts to ask though.

sorry rhino, but that will happen when pigs fly

[rhinocl]

Originally Posted by Wirelessany1

sorry rhino, but that will happen when pigs fly

Here is why it may work. The vehicle is probably worth less than he owes. They can only sell it for what it is now worth,minus their costs. (storage,advertising,etc.)
Their chance of collecting the balance owed from him is low. So if she offers to make payments equal to what it is really worth, they save their cost of reselling and they can still go after him for the balance. I've explained my logic. Let's here yours.

[Antigone*of*Greece]

Originally Posted by rhinocl

Here is why it may work. The vehicle is probably worth less than he owes. They can only sell it for what it is now worth,minus their costs. (storage,advertising,etc.)

You have no idea what the vehicle is worth.

Their chance of collecting the balance owed from him is low.

Unless you have a crystal ball you have no clue on the collectability of the debt from the original debtor

So if she offers to make payments equal to what it is really worth, they save their cost of reselling and they can still go after him for the balance.

You have no clue as to the creditworthiness of the OP.

I've explained my logic. Let's here yours.

You logic is flawed at best.

The finance company wants their collateral back. They will get it back, sell it and then sue the debtor for the deficit.

[rhinocl]

You have no idea what the vehicle is worth.

Most vehicles are not worth the loan balance when they get down that far.

Unless you have a crystal ball you have no clue on the collectability of the debt from the original debtor

Doesn't take a crystal ball. He can't make the payments and he sells a car without disclosing it has a loan on it and he can't refund her money. Maybe YOU would like to lend him money.

You have no clue as to the creditworthiness of the OP.

Yes, but not necessarily a factor. They are not letting her drive a car off their lot. If she doesn't pay or return it they will attempt to repossess. Makes no difference if they have cut a deal with her or not.

You logic is flawed at best.

I think less than yours, but the OP and forum readers will judge for themselves.

The finance company wants their collateral back. They will get it back, sell it and then sue the debtor for the deficit.

No, they don't want the car back. They want money. They could still come after him for the deficit. They would have essentially done what you suggest but skipped the 'get it back' step.

By the way I usually see pigs fly about three times a year. My favorite was an ex-employee who got a 40% discount on a bail-bondsman's fee, after his girlfriend did something dumb. I told him to ask for it, but I never believed he'd get it.

[CdwJava]

Has your girlfriend thought to try and work out a new arrangement with the finance company to assume the original person's loan? If the car is worth it, and she has decent credit, maybe she can swing it. If not, well, she'll likely have to give up the car and go for one that is clear of such encumbrance.

[Antigone*of*Greece]

Originally Posted by rhinocl

Most vehicles are not worth the loan balance when they get down that far.



Doesn't take a crystal ball. He can't make the payments and he sells a car without disclosing it has a loan on it and he can't refund her money. Maybe YOU would like to lend him money.




Yes, but not necessarily a factor. They are not letting her drive a car off their lot. If she doesn't pay or return it they will attempt to repossess. Makes no difference if they have cut a deal with her or not.


I think less than yours, but the OP and forum readers will judge for themselves.

No, they don't want the car back. They want money. They could still come after him for the deficit. They would have essentially done what you suggest but skipped the 'get it back' step.

By the way I usually see pigs fly about three times a year. My favorite was an ex-employee who got a 40% discount on a bail-bondsman's fee, after his girlfriend did something dumb. I told him to ask for it, but I never believed he'd get it.

rhino....

I was at Lowes this evening with the hubby and I thought about you

They had a light-up "flying pig" Christmas yard art for sale...just thought I'd share