WearyMicrobe

Warning Long .

Need a little assistance here was wondering if anybody has some idea's.

I sold a car lets just call it a 911, car started out as a early 60's body and has massive body work updates to something like a 95. This car was about as far removed from a street car as you could get, still street legal to the letter of the law though, titled as a 60's 911 which is what it was built on.

So I ended up selling the car to so marine who wanted to go racing, he took possession of the car and promptly registered it and titled it in his name. I sent off the release of liability to the DMV.

I also had him sign a piece of paper stating that the car was for all intensive purposes a race car and that I take no responsibility for anything including the current title.

He gets into some financial trouble and decided to stop paying the loan on the car, which I did not know he had taken out. The bank goes looking for the car and finds what they think is a 95 911 and gets royally confused. He decides to take advantage of the situation and claim that I sold him a 95 car with a 60's title and wants to force me to buy the car back. It has been close to two years at this point he has been driving the car on the road and at the track and it has current stickers.

The bank claims that he never handed over the title to them like he was supposed to; he claims that I sold him an incorrectly titled car; even though he has it titled in his name already and has been driving it. It’s clearly a 60’s 911 under the skin.

What the bank thinks happened is he tried to register it as a 1995 to hide it from them and then buy a cheap 60’s 911 and swap the vins and give that to the bank and the DMV said no way and pulled the original title out of his name when they found out what he was doing. So now he has a untitled car and nothing to give to the bank and he is trying to get out of the laon by any means he can.

The bank only wants the title so that they can secure the loan what should I give them, they started off threatening to sue me and now they just want information but I do not know how much to give them and what my responsibilities are to this moron who has dragged me into this.

Geoffrey

I don't see that you have any responsibilities in the matter assuming you preserved the original VIN. I'd tell the bank, the DMV, and the new owner to go scratch.

Gary R.

Exactly.. Who cares, it's their problem as long as you have the Bill of Sale stating what the car really is. If you feel generous send the bank a copy of the paperwork after they pay YOU a $50 fee for the transaction (you know, like THEY would charge YOU!). THEY screwed up and/or the jerk-off that bought your car is guilty of fraud from the sounds of it.

Kurt R

Just tell them the truth, you have nothing to hide. As long as you were upfront with the guy when you sold it and didn't tell him it was a '95 when you sold it.

Do you have pictures of the conversion process? I would hope it wouldn't come to that but you might have to prove it is the same car.

Bull

Don't go near it! You have no responsibility and no need to get involved. If you do, it will likely become quicksand that you will wish you had gone around.

WearyMicrobe

I have a bunch of pictures of the conversions and I sold it as a 60's car. The bill of sale said so, the title release said so, I have a copy of the release so I think I am just going to send it to the bank and stop contact after that.

Greg Fishman

I would recommend talking to an attorney. If the bank threatened to sue once, it doesn't mean they won't do it again.

BReyes

Doesnt it make sense to have your representative speak with an officer there. As they know the courts would expect in the normal course of their due diligence, that you speak, so speak with them, yes show somebody your documentation. But you said they already mentioned lawsuit.

Good luck.

Regards,

Bull

Surely you don't all jump every time someone threatens a law suit? That is what perpetuates their threats! When someone threatens a lawsuit, I thank them for telling me in advance that they have no grounds for doing so. If they did they would, then withdraw it when you met their requirements. It makes no sense to me to start spending Lawyer dollars on this POS at this point.

Tell them that you would be happy to assist them when they hire you as a Consultant in the matter and pay your retainer up front.

People/organizations who begin the discussion with lawsuit threats need to be kicked in the *****, early and often.

1AS

How much cash is involved? You have no further obligations to any party, but if the bank requires information from you, they should pay for your time. It's their business an your hobby. Everyone else in this deal is being paid for their efforts. AS

JPhillips-998

and make sure he claimed the full amount of the sale for his tax due.

Dad911

If it goes to litigation, you will be deposed, and have to provide info anyway. I would ask the bank for a release in exchange for providing them copies of your documentation. You did nothing wrong, why not give them the info?

Plus, you may be able to buy the car back from them at a discount ater they repo it.

WearyMicrobe

Well after talking with a professional I was told, simpy give them the information that is of public record, so the bill of sale, the release of liability, and any other forms that I had of the car that the new owner signed.

We also called AAA and they were able to tell me that the car has been registered and titled in his name for as long as he has owned the car. They don't ahve any other information.

I have no clue about the current condition and I don;t want the car back I have enough toys right now.

Thanks for the help guys.

DrJupeman

Agreed.

VZ935

I wouldn't give them a damn thing...I could be wrong but I beieve the only thing you are required to do is send in a release of liability..this is the DMV's way of saying, " send this in and you are off the hook..parking tickets...guy never registers the car and wrecks it ... whatever . And in return we know who has your car and collect new fees " .. so a release of liability is exactly that...I would not give them squat. If they were stupid enough to fund a loan without recieving a proper title so they could have a perfected lien..have the right to enforce insurance ,right to repossesion , etc...then it is the dummies at the banks fault..what they gave him in effect was an unsecured loan. I wonder if they will lend me a couple of million dollars on some property I own.. yeah , give me the cash and I will hook you up with a deed of trust to secure your note some other time....ops...well it's not that nice big house on the hill ..it is that property I own that was underwater a while back....

question... how did this guy pay for the car? You said he got bank loan you knew nothing about so are you saying he paid you cash or cashiers check and got the loan later? It sound slike he defrauded the bank... if I were him I would pay up and move on because this is not a simple case of a non performing asset for the bank..it is fraud and they have to prosecute per their charter if they are federally insured (FDIC) . If it was just a bad loan then the car is the security and so be it for the most part.