Lien/Hold on Dodge Dart 75
Then you are out of $1800.
The lien company has an easy pickup. But the car to them is only worth what they think they can sell it for minus their labor dealing with it. Unless it's worthless. And I wouldn't tell them where the car is. Start working on the car because it's drastically overheating now and take the radiator out. Take the carb and distributor off because it may be causing the overheating. Right now you are confused and still investigating what is going on. Once you figure out what is going on, you of course stop working since it's not your car.
"Aw shucks", now the lienholding company has to send a $100 tow truck to come get the car. Pay storage, pay $800 to get car running again to make it a $1000 car. Or scrap it for what, $300 after tow bill? OR you'll pay the leinholder $200 to release the title.
I wonder think if the lien holder removes the lein on the car, that will not allow them to go after the guy for the $1800 or any remaining money if you make a partial payment.
I'd part it out before taking $1700 or $1800 in the shorts.
If they go after the seller, he will just say he spent the money. I bet the court could make you pay off the lienholder in full so you can title the car, then YOU would have to get the money from seller by YOU holding another lien on him. He will never pay it. Same situation all over again.
Convenient that the selling price was very close to the lien amount. Now if the seller is dragged into court he could say he was trying to pay the lien off. But aw shucks, he had immediate emergency needs for the money and now it is gone.
This was no accident by the seller. It was all well planned out.
I agree....
Had this happen to me 20 years ago. I bought a PU truck from a local for $1500. It had a
clean title. Took it to DMV and titled it in my name. 6 months later i'm at work, wife calls and says a tow truck was there to get the car. I rush home and tell the driver he's not taking the truck. I called 911 and told the dispatch that there may be some problems (the tow truck driver's problem) and to send an officer to my address. The tow truck driver left empty handed. I immediately took the truck to the military installation I worked at (I was in the army at that time) and secured it there. Did some reaserch and was able to contact the bank that was attempting to recover the vehicle.
Had a PI stop by the house a week later. He was acting as an agent for the bank. Invited him in and we, my wife and I sat and chatted. During the conversation he adjusted his sport coat to reveal a side arm which appeared to be a .38. I'm sure to this day he did it to try and intimidate me. I immediately excused myself to go to the bathroom, went into the bedroom and came back out with my holstered .45. Told him mine was bigger and that I was probably a better shot. Told him I didn't appriciate him coming into my house armed without me knowing it. End of conversation, he didn't stay long after that.
Long story short the bank also had a clear title showing the bank as the legal owner. I went and talked with the bank manager. Apparently the guy I bought the truck from filed for a lost title. The DMV screwed up by not correctly showing the legal owner of the vehicle.
Went to court. I had all my receipts from all the work I did to the truck. New engine, tranny, wheels, tires upolstery etc. Judge told the bank they could have the truck minus what I had into it which pretty much meant they owed me. The day before I started removing all the parts the bank called. They appologized for the misunderstanding and would send me a released title. Got the title in the mail and made a trip to the DMV where the records were corrected in their system.
As for the puke that sold me the truck, found he was a local drunk so I figured no sense in trying to bleed a turnip by going after him.
Bottom line, try and work it out with the lien holder. If that doesn't work you may have to consider cutting your loses, gert what yo can out of it and let the hulk go.