What is the name of your state (only U.S. law)? MN
Last March I purchased a 2007 BMW from a dealership in MN. NO lien was disclosed, I was told the title was free and clear (and this is refelcted on my bill of sale). I took out a loan for a portion of the purchase price with a federal credit union the dealer recommended. I put $10,000 down and made the purchase. I loved the car. The credit union I took the loan out with contacted me in May to tell me that the dealer had filed for bankruptcy in April, and at the time the went out of business they had not completed my title transfer work. They told me not to worry-- they would simply send me info on going down to the DMW and having the state force issue the title.
Fast forward to the end of june. I'd just gotten the letter from the credit union about how to get the title sent to me. I exited my house to find my car GONE. The police told me it was repossessed by a third party credit union. I eventually came to understand that this credit union held the title and repossessed the car because the dealer did not pay off a they held lien with the money form my purchase- sounds like this was a conditation sale, but I had no knowledge of that. Again my bill of sale states oustanding lien as "$0" on the last line. So that credit union took the car from my home with no warning or discussion, I lost the money I put down, and the credit union that I took the loan out with expects me to pay the remaining ~$18,000 balance for a car that I do not even now own.
I have since found out that both credit unions (and a third) were notified by police of fraudulent transactions by these dealers in May- no attempt was made by my credit union to notify me or list me as a potential victim (and give me a chance to protect myself). I have a lawyer (family friend- now worry I should have gotten a specialist), but nothing is really happening and I am afraid my window for any recourse is getting slimmer with each passing day. The people involved in this dealership have been arrested, I don't know more about the status of the case. I contacted the attny general and county prosecuter- not much help. I don't know what else to do... this is a disaster. These guys commit fraud with 2 credit unions and myself, and I am the only one taking a loss here? Really? Any advice would be much appreciated. Please help! Thank you!What is the name of your state (only U.S. law)?
Last March I purchased a 2007 BMW from a dealership in MN. NO lien was disclosed, I was told the title was free and clear (and this is refelcted on my bill of sale). I took out a loan for a portion of the purchase price with a federal credit union the dealer recommended. I put $10,000 down and made the purchase. I loved the car. The credit union I took the loan out with contacted me in May to tell me that the dealer had filed for bankruptcy in April, and at the time the went out of business they had not completed my title transfer work. They told me not to worry-- they would simply send me info on going down to the DMW and having the state force issue the title.
Fast forward to the end of june. I'd just gotten the letter from the credit union about how to get the title sent to me. I exited my house to find my car GONE. The police told me it was repossessed by a third party credit union. I eventually came to understand that this credit union held the title and repossessed the car because the dealer did not pay off a they held lien with the money form my purchase- sounds like this was a conditation sale, but I had no knowledge of that. Again my bill of sale states oustanding lien as "$0" on the last line. So that credit union took the car from my home with no warning or discussion, I lost the money I put down, and the credit union that I took the loan out with expects me to pay the remaining ~$18,000 balance for a car that I do not even now own.
I have since found out that both credit unions (and a third) were notified by police of fraudulent transactions by these dealers in May- no attempt was made by my credit union to notify me or list me as a potential victim (and give me a chance to protect myself). I have a lawyer (family friend- now worry I should have gotten a specialist), but nothing is really happening and I am afraid my window for any recourse is getting slimmer with each passing day. The people involved in this dealership have been arrested, I don't know more about the status of the case. I contacted the attny general and county prosecuter- not much help. I don't know what else to do... this is a disaster. These guys commit fraud with 2 credit unions and myself, and I am the only one taking a loss here? Really? Any advice would be much appreciated. Please help! Thank you!What is the name of your state (only U.S. law)?