Legal Question in Credit and Debt Law in Texas
Financed a car and the dealership did not pay the first lien off
I bought a Dodge Durango from a dealership in October of 2005, in September of 2006, my notice to re-new the Texas tags did not arrive as it should have. I called the bank that financed my loan which is Wells Fargo, they tell me that there is a lien on the vehicle because the dealership (now defunct) did not pay off the loan for the lady who traded it in to them. I have continued to make monthly payments but cannot drive the vehicle because it has no valid tags. I have talked with Wells Fargo NUMEROUS times and they continue to only say they are working on it. I feel they should never have financed it in the first place since it was not paid off by the dealership for the original loan. I would like to turn the truck back to them and get my money back but they are still suggesting I wait until they get the lien taken care of, it has been 2 YEARS! Can I sue for my money and return the truck with no affect on my credit?
2 Answers from Attorneys
Re: Financed a car and the dealership did not pay the first lien off
It's an unfortunate situation, but turning the truck back would appear on your credit as a repo, and you'd be stuck with the note to your lender.
You really don't have a shot at the bank, since you should have known there was something wrong when you didn't get your title in 60 days.
Contact the commissioner of motor vehicles and see if the dealer's bond for transfer of good title is still in force.
Re: Financed a car and the dealership did not pay the first lien off
I would respectfully disagree with Mr. Bradie. You might have a shot at the bank even though 2 years has passed. Seems like they were in possession of all the facts and my have fraudulently concealed facts to you that might have allowed you to take legal action sooner. If you want my help on this matter, contact me by email.
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