Powered by Yahoo! Answers

someone please help me out???TEN POINTS???:)?*

now here is the story my friends girl bought a car the bank loan was in my friends name but was registered and insured in her name last night they came and reposessed it for a 30 day late payment when they called the bank they said it was under investigation for fraud i guess cause the loan and the registration were different names the bank said they will not give the car back he has the money to pay it but forgot cause they went on vacation now the reason the names are different was because his licence is supended but her credit sucked what can they do about all this BS please help i told them yahoo answers was the sheeznit they dont believe me the dealership did the registration and said everything would be fine and guess what it aint

Answers:

1) If the bank has the title (and a lien), you are at their mercy unfortunately. They have the right to secure their collateral in certain events (missing payments and possible fraud both qualify). You could try calling (or if possible, go in person which is much better) to the main branch and talk to someone in charge. Tell them not to yell or curse or anything like that. Tell the bank you want to resolve the problem and ask what you can do to resolve it. Good luck

2) First lesson - never trust what a car dealership tells you. Second lesson - never sign on a loan for someone else. Your friend needs to call the bank and speak to someone reasonable, someone higher up than a teller or a clerk. Probably a loan officer or a bank officer. Calmly explain the situation and tell them that he wants to pay off the loan. Yes, he is responsible for paying it off since he signed on it. If the bank still has the car and has not sold it, and they accept the payoff, they have to give him the car. If they have sold the car, then he should only owe the difference between the loan balance and the sales price, plus any fees the bank had to pay to get free title to the car. This needs to be taken care of RIGHT AWAY since a fraud investigation can impact your friend's life in many negative ways. His credit has already been seriously impacted. If it goes much further, he could end up with a criminal record if the police get involved and are not reasonable.

3) That is called a straw purchase and is illegal. Your friend should just forget about it because they can prosecute.

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.