It's a civil case, contractual, not a criminal one. Just as if you borrow money to buy a car and default on the loan. Although they can attempt to repossess, the bank can't charge you with theft (either for the money or the car).
This most certainly is a criminal matter...
At least in California, dealerships are licensed by the state DMV and each, and every, individual in the dealership that works as a salesperson, finance rep, or who handles DMV paperwork must be licensed individually. Those applying for a dealer's or vehicle sales person's license undergo a background check and are fingerprinted.
Even before the current financial debacle, this type of activity occurred on an all too frequent basis. I know of at least half a dozen RV dealerships that have been closed by the state, and who's principle officers have been imprisoned and/or fined, for engaging in such behavior.
Same on NYS. A Buffalo dealer who did stuff like this skipped to Mexico and is in hiding. The state has a prison sentence waiting for him when he comes back. Some states don't mess around with criminals.
What if the victims simply STOP paying on the old loan, for the old unit that they were shafted on? All the bank can do, is try to reposess whatever was used to secure that original loan. If the old unit is only thing securing that loan (as I'd think/hope it would be), then so be it, LET the bank try and repossess the old unit from the defunct dealer. Good luck with that, LOL.
Yeah, they (victims) would damage their credit rating badly, but that can be built back up after a few years. I think it'd be easier to live with a tarnished credit rating for a few years, than to assume over 6 figures worth of unexpected, unfair debt!
Will & Angela
2 children that love camping, Stephen & Allison
2003 Ford Excursion V10 4x4 ("No Taxpayers were harmed by the makers of this truck")
2003 Thor Citation 33M, Hensley Arrow hitch, Brakesmart Brake Control Our Rig
Or the bank will simply sue them into the poorhouse.
John
1984 Ford B-700 school bus conversion, Thomas body
A bunch of other vehicles
3 nutty cats (Maya, Vierna, Briza)
One lazy dog (Marmaduke)
One wife (Liz)
"A wasted youth is better by far than a wise and productive old age"
-Jim Steinman
If i were those people i'd be getting a lawyer and some one would be getting sued,the way i see it is some one stole $170k from these people.
I'm still not clear on how they didnt get the money for their old rig whilst trading it for the new one,wouldnt the dealer have to give them the trade in money so they could pay off the old rig then whatever is left over gets applied to the new rig?
"Second star to the right, and straight on till morning."
What if the victims simply STOP paying on the old loan, for the old unit that they were shafted on? All the bank can do, is try to reposess whatever was used to secure that original loan. If the old unit is only thing securing that loan (as I'd think/hope it would be), then so be it, LET the bank try and repossess the old unit from the defunct dealer. Good luck with that, LOL.
Yeah, they (victims) would damage their credit rating badly, but that can be built back up after a few years. I think it'd be easier to live with a tarnished credit rating for a few years, than to assume over 6 figures worth of unexpected, unfair debt!
I am no lawyer but I would guess if you fail to pay and fail to produce or surrender the old unit they would attempt to obtain a judgment against you (their contract is with you and no one else), if you ignore that, one day when you returned home you may find the door pad-locked with a execution order taped to the door… the bad credit rating may be the least of your worries… you would then need to seek a emergency order to stay the execution order until things are settled… you would also need to prove a good reason for getting the stay, and could be locked out of your home until then…
While it seldom comes to this, it would be wrong to assume there isn’t anything else they could do…
Love my mass produced, entry level, built by Lazy American Workers, Hornet
What if the victims simply STOP paying on the old loan, for the old unit that they were shafted on? All the bank can do, is try to reposess whatever was used to secure that original loan. If the old unit is only thing securing that loan (as I'd think/hope it would be), then so be it, LET the bank try and repossess the old unit from the defunct dealer. Good luck with that, LOL.
Yeah, they (victims) would damage their credit rating badly, but that can be built back up after a few years. I think it'd be easier to live with a tarnished credit rating for a few years, than to assume over 6 figures worth of unexpected, unfair debt!
It is a legal matter involving e licenced dealer, even if he is defunct. Being defunct does not relieve him of his legal obligations. One does not go into the legal arena without someone with legal knowledge. You have to protect your interest, and not get in trouble doing it.
The bank sues the unfortunate couple because that is who the bank has a contract with. The bank will probably win. The unfortunate couple sues the dealer because that is who they have a contract with. The couple will probably win. The dealer will (or has) claimed bankruptcy. The only winners are the lawyers.
Bobbo, Linda and the furry kids (German Shepherd and German Shepherd mix)
2007 Winnebago Outlook WF331C on a Ford E450 Super Duty Chassis
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