Can I get my car back if it was said to be abandoned and someone else now has ownership of it? If not what do I do about the finance company?
I bought a car 3 months ago but never went back to pick it up until a few days ago but was told that it was considered abandoned and they filed the proper paperwork to take ownership and sold the car. They also claimed they made a repair on something for which I was supposed to pay for upon pick up. I never agreed to it because I had already ordered aftermarket headlights for the vehicle anyway that I was going to install myself. The bank that financed the car has still been taking payments out my account and the next scheduled payment in a few days is still going to be coming out. I'm in Texas. Should I stop further payments until I can get the car back and not have my credit affected? I called the finance company and they were less than helpful
- USAFisnumber1Lv 75 months ago
Nope. 1. The sale of the car and the loan agreement are two entirely different things. The sale is an agreement you have with the car dealer. The loan is an agreement with the bank. 2. You failed to pick up the car so what were they suppose to do? Just let it sit there? Abandoned means you know where the car is and you just leave it there without permission or without telling them what you are doing. 3. As a dealer in kind, if they did any work and you did not show up to pick it up they can claim the vehicle for the unpaid debt. 4. This is entirely your fault for not picking up the car in a timely manner. 5. However, since they sold the car to someone else the loan company does not have a lien on the title. So stop paying them. Sure your credit is going to take a hit but that is the only way you are going to get their attention.
IN THE FUTURE. Do not buy something without picking it up. Do not let anyone draft out of your checking account. That gives them too much control. If you take a car to a dealer, even a used car dealer, they can actually sell your car by "mistake" and you do not have much recourse. An independent car repair place that does not buy and sell cars is safer, specially if your car is something really unique.
- InLv 65 months ago
If you had bank financing then the bank is holding the title. The dealer could not legally re-sell the car without the bank releasing their lien. In any case you are screwed because of your own negligence. Next time don't buy a car that you are not driving off the lot.
- Anonymous5 months ago
By the way I read this it seems you did not collect the paperwork for the car.? It seems to me the bank would have that paperwork, so HOW DID THE DEALER acquire the proper paperwork again. One of the first things checked out is theft, the second is lien(and the bank has a lien) so they (the dealership would have to buy the papers from the bank by paying off the lien. Paying of the lien satisfies the bank as they got their money and the dealership gets the paperwork You are now out of the equation.
. The bank Wouldn't, couldn't, shouldn't be taking money from you as there is NO LOAN ANYMORE. You got the vehicle bought out from under you.
Your name on the loan paperwork is moot.
You bought nothing.
Go to the bank(or finance company and find out WTF went on.) The only way the vehicle could be legally sold to another individual is by getting the registration papers from the finance company.
. You should not be owing anybody anything AND you have no car.
Yes, 3 months is abandoned so reapplication for the paperwork would have happened.
At most out of this deal they (the finance company) may owe you money they illegally took from you. Someone did not put all the paperwork together.
- Anonymous5 months ago
Its tough being a Mensa member.
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- ElGrandeLv 75 months ago
"They took ownership and sold the car..." -- How? There was a lien on the vehicle from your loan... did they pay off that lien? I'm stuck on this part... there has to be more to this story.
I had someone leave a near-new pickup truck on my property (in TX) years ago, and I was told it takes just 30 days until it is considered "abandoned". I filed for the title, and *poof* the owner magically showed up days later.
- KayleenRLv 75 months ago
Firstly whatever happens you need to keep paying the finance company. Second if your car was considered abandoned and they went through the correct proceedures to obtain it, there is nothing you can do. Put it down to experience and move on
- ScottLv 65 months ago
It's not "your" car anymore. You abandoned it, and are still responsible for repaying the money you borrowed to buy it. Massive fail.
- champerLv 75 months ago
The bank loaned you the money,. they are entitled to be paid back. The fact that you were stupid enough to lose the car isn't their problem, your debt to them is. If you fail to make the agreed payments it will indeed count against you.
- 5 months ago
You should seek legal help.
- Anonymous5 months ago
It isn't your car - you abandoned it. You still owe the bank the balance of the loan; if bank learns that there is no longer collateral on the loan they may require immediate payment in full.