Well, I'm screwed

[Camino LS6]

The guy that was buying the Silverado showed the agreement we were going to have notarized to his lawyer.

As lawyers do, he scared the guy right out of a perfectly good deal.

I hate the times we live in.

Edited December 2, 2009 by Camino LS6

[A Horse With No Name]

I do too. Some days I think that 95% of what's wrong with the world is the fault of lawyers.

...and the best man at my wedding is now a Judge for the state of California...hmmm.

Hope things work out on the Silverado sale. WTF did his layer find wrong????

Chris

[Camino LS6]

I guess that the agreement was written by two landscapers instead of two lawyers.

Who the F knows?

Edited December 1, 2009 by Camino LS6

[SAmadei]

I guess that the agreement was written by two landscapers instead of two lawyers.

Who the F knows?

Did I miss something? Why is there a legal agreement beyond the scope of signing the back of the title?

[A Horse With No Name]

I guess that the agreement was written by two landscapers instead of two lawyers.

Who the F knows?

Too bad Lawyers don't have to take a 6 month sabbatical every 5 years to make something actually work, or do something useful.

Chris

[Camino LS6]

Did I miss something? Why is there a legal agreement beyond the scope of signing the back of the title?

Because there is a lien that has to be satisfied before the title can be "electronically generated".

And, the goddamned bank won't do that until they verfy the payoff for six freaking days!

Try to do the right thing, and this is what happens.

Edited December 1, 2009 by Camino LS6

[ocnblu]

Shoot, when I sold my Colorado, the buyer went with me to the bank that held my loan, paid off the loan and received the title, all within like 15 minutes.

[Camino LS6]

Yeah, the way it should be.

With these bastards it has to be "electronically generated" and it takes 6days of "verification" before they'll send it to you.

No car loans ever again for me.

This is pure bull$h!.

[Camino LS6]

The question now is, what do I do?

And, frankly, I'm at a loss.

[Justin Bimmer]

the contract for the sale has to have a cooling off period instituted so it can be rescinded if there is an issue with the 6 day verification period. Unfortunately, there is no easy way to accomplish the actual cooling off period if one or both of the parties are uneasy. If the verification were to no go through, then you or the bank would have to make a demand for the vehicle back.

I mean, all the risk and reward is really on the buyer. He will have possession of the vehicle, the money will be in the bank's hands and the title should be delivered to him.

If he wants to return the vehicle in the same reasonable condition which he purchased it within say 7 days, then he should be able to do so prior to the bank verification. But if he does, he has to agree that it may take up to XX number of days for the money to be returned to him by the bank and buyer assumes all transaction fees if he rescinds the contract within the 7 day cooling off period.

[Camino LS6]

What an asinine system we have built for ourselves.

I'm going to take the zero and leave this kind of crap behind me.

[Justin Bimmer]

Really the problem here is the electronic title generation.

[z28luvr01]

Q: What do you call 20,000 lawyers buried at the bottom of the ocean?

A: A good start

Sorry, Camino. Honestly, I don't understand why there was a need to involve a lawyer in a car sale at all.

[Camino LS6]

Really the problem here is the electronic title generation.

Yes, and I'm thinking of suggesting to lawmakers that it be made illegal.

In effect, the bank is blocking my right to sell the truck.

[Justin Bimmer]

Q: What do you call 20,000 lawyers buried at the bottom of the ocean?

A: A good start

Sorry, Camino. Honestly, I don't understand why there was a need to involve a lawyer in a car sale at all.

If the buyer is a landscaper and he has his own business and was buying the truck under the business, then a lawyer may need to look it over for tax/liability purposes.

[Camino LS6]

So, any ideas?

Other than suing the bank.

[Justin Bimmer]

find another buyer. You said you were getting good interest. tell the asshole you are putting it on the market again and see what happens.

[A Horse With No Name]

Agree with Bond, James bond.

To me, bankers rate right there with religious prophets (think Jim Jones, Sun Yung Moon, Mohommad, et al) and child molesters as people I pretty much have no use for.

No be like Mr Bond and fis yourself a martini, shaken, not stired, and not too much of that nasty vermooth.

The truck is worth the money you are asking...a buyer will come forth.

Chris

[daves87rs]

find another buyer. You said you were getting good interest. tell the asshole you are putting it on the market again and see what happens.

Pretty much the only thing at the moment...

[caddycruiser]

This is insane...a lawyer...seriously..."I have a friend who..." Give me a break.

On the other hand, people do private sales of cars with active loans on them every second of every day, I just don't know how the payoff typically works. I'd assume situations like OCN's, ideally, but even then, this seems extreme.

Hmm...

[BigPontiac]

Have you tried taking it to someplace like CarMax to see what they'd offer you for it? They'd be able to deal with the title/loan payoff thing too.

[SAmadei]

Making me glad that all the cars are paid off. Oh, and that I never sell anything. ;-)

[Intrepidation]

Oh, and that I never sell anything. ;-)

[daves87rs]

Making me glad that all the cars are paid off. Oh, and that I never sell anything. ;-)

Wish mine were all paid off....

[Camino LS6]

I'm still thinking about what to do, and getting more and more pissed at the whole "electronically generated" title BS. Seems to me that there has to be something illegal in that whole scam.

[Camino LS6]

I think that there is a class-action lawsuit in this issue.

[Camino LS6]

Well I got my state representative's office involved.

They have done two things for me:

- Arranged to get a duplicate title from the DOT that allows the transaction to occur in the rep's local office. So the bank lied and a real paper title does exist.

- Contacted the state attorney general's office to look into the bank's practices in this regard.

Now I just have to hope that my buyer is still willing.

Edited December 2, 2009 by Camino LS6

[Justin Bimmer]

I knew you would get to the bottom of this.

[Camino LS6]

Yeah, but it may be too late to save the deal.

Still, it's progress.

[Justin Bimmer]

You will be ready for the next buyer.

[Camino LS6]

I hope to be.

The situation is still fluid at this point.

The rep's office will be contacting the bank in the morning.

[A Horse With No Name]

Like I said...I hate banks. Hopefully yours gets whats due them.

Is your loan through US Bank? Had a terrible experience with them.

Chris

[Camino LS6]

No, it's Chase bank.

[A Horse With No Name]

I bank with Chase and am not happy with them.

I'll never do another loan or credit card through them.

Chris

[daves87rs]

No, it's Chase bank.

Chase?

[Camino LS6]

Umm yeah, Chase.

[z28luvr01]

Chase sucks big time. They totally F-ed up the WaMu branches they took over.

Can't hate on them too much, though. Their incompetence worked out to my benefit this week.

[Camino LS6]

Lucky you, Z.

It didn't work out so well this week for me.

...at least not yet.

[Camino LS6]

The whole thing is absurd when you think about it.

For over a week they prevented me from giving them money.

[Z-06]

I find the virtual title real surprising. It is the state that generates the title not the bank, but the bank holds it and it is given to the owner after the loan is completely paid off.

[Camino LS6]

I find the virtual title real surprising. It is the state that generates the title not the bank, but the bank holds it and it is given to the owner after the loan is completely paid off.

That's the issue I've been pressing with the state rep's office, if it isn't illegal - then it needs to be.

It seems I've convinced them of the need for legislation to address the problem.

[Camino LS6]

I left the buyer I had lined-up two messages about this earlier today.

He never called back, so I assume that's the end of that.

This stupidity cost me the sale and over a week of my time.

[Camino LS6]

It's over.

I lost.

[BigPontiac]

It's over.

I lost.

Did you try CarMax?

[daves87rs]

That sucks....

[Camino LS6]

The short version is that I had to wholesale the truck to the dealer.

I'm too pissed-off to get into details.

[Z-06]

The short version is that I had to wholesale the truck to the dealer.

I'm too pissed-off to get into details.

Sorry Camino. I think you should put the bank in its place, if you find the entire act illegal.

[Camino LS6]

Sorry Camino. I think you should put the bank in its place, if you find the entire act illegal.

Trust me, I'm still pursuing that aspect of things.

[Blake Noble]

I hate that you couldn't sell your truck, Camino. How is everything going with selling the Blazer?

[Camino LS6]

Blazer is gone.

I'm filing an offical complaint against Chase with the PA Attorney General's office. My state rep plans to hand-deliver it.