got a truck in a weird situation...

[fizzymk]

OK, so I have this guy wanting to buy this 96 Dodge ram 4x4 I have sitting in my backyard, its been sitting back here for the last 7 yrs, it needs about $2500. worth of work, major brakes, engine work needed, of course it went to shit about 2 months after I bought it.I bought it for $5200 at a little local car lot, credit wasnt that great, so I had to be financed thru some high interest rate loan place.

When it first broke down and I found out how expensive the repairs were going to be, I was just going to let it be repossessed, I went out and bought another car at this point with the help of a co-signer, so I quit making payments ( i only made one payment on this thing), Plus, when this happened, I tried calling the loan place, it was some financial place in CA ( I live in KY btw), but they claimed they had no info on the vehicle I had, they said they could not find any loan info about it and basically didnt want to talk to me anymore about it, I tried calling a few more times, but they kept telling me they did not have any liens on this vehicle, so I just let it go and parked it in my backyard, where it sits to this day, havent made any payments in 7 yrs, nothing ever came in the mail, no calls, etc....???

I told the guy about all this, and he said he doesnt need the title, he apparently just wants it for parts, Im leaning towards just selling it to him, but requiring him to sign something that says he is knowingly buying it without a title and will not try to register it or put it on the road.

Oh yea, I also went to my local courthouse when this happened, and they said the lien-holder on it was the place I had been calling, I told the courthouse this place was denying having the loan, they told me they had never heard of such a thing ever happening...they told me if this is true, I basically got the car for nothing...Knowing this, I wish I had bought a lamborghini!! lol

Has anyone ever heard of such a thing? I cant believe a financial place would just deny they have money due them...doesnt seem logical to me.

 

[T. Calderone]

When you bought it, was it put into your name or the co-signer's? Surely there were forms signed and you have a copy of something from the initial time you drove it off the lot. Or did the co-signer have this? Seems a bit sketch to me.

 

[Smoky]

I'm not sure, I sold my last car for parts… (so he said), a long time ago a vw bug actually that was just sitting in the driveway. It was less money though the dmv as it wasn't drivable, but ??
T. Calderone has a good point. I'm not so sure. I would clear it up before selling him, even if for parts. imo. I always wonder if the guy used my car for parts or not.

 

[fizzymk]

When you bought it, was it put into your name or the co-signer's? Surely there were forms signed and you have a copy of something from the initial time you drove it off the lot. Or did the co-signer have this? Seems a bit sketch to me.

It was in my name only, didnt need a co-signer for the truck, I do have the title, of course it lists the financial place as the lien-holder, Ive told them this on the phone, but they still claim they know nothing about it.

A few people i have asked about this, say they think the financial place knew this car was a lemon when I called them the very first time, and they didnt want the hassle/ cost of going to repo it, store it somewhere local (since they are in CA), etc. and just denied they had the loan, or another friend thought maybe a disgruntled employee at either the car lot or the financial place fucked up info in the computers...IDK though, but Im getting tired of it sitting back here.

 

[Droppersneck]

Sounds like a bad lot off loading POS cars. You probably got lucky. Where are you at in KY? You a cats fan

 

[fizzymk]

Sounds like a bad lot off loading POS cars. You probably got lucky. Where are you at in KY? You a cats fan

Im up in northern KY, about 9 miles from cincy. Ive never really been into sports, both parents never cared about sports either, so we didnt grow up around it.

 

[thujone]

if the loan company doesn't care and the buyer doesn't care then you might as well sell it, get rid of the eyesore and pocket some cash. if the resale value of the vehicle is truly as low as you say then it would not benefit you to have it sitting around waiting to be repossessed anyway. KY does have one of the longest statute of limitations on collection of debts though, so for the next 8 years you better hope that the finance company stays in business and doesn't liquidate their outstanding accounts to a third-party collections agency or they will most certainly start harassing you for payment.

 

[fizzymk]

Does anyone think some loans just fall thru the cracks? Im wondering if that didnt happen here, maybe it was somehow deleted from their records, or something similar happening, Im sure this kind of thing has happened before, somewhere. Its only logical, as lots of companies loose data/ information all the time, so its quite possible loan info could be completely lost as well, although probably rare.

 

[Shadowsblaze]

I know in Florida that if a collector doesn't contact you in 6 yrs. you can go to the courts and have it dissolved. But without any info from the seller I'd guess your already in the clear. Good fortune like that is rare as the poster above mentioned so count your blessings and carry on.