The 06 may be going back to the dealership...

I had to get a loan...the title wouldn't be in my name even if the dealership had it there.


Found out another interesting tidbit.

apparently, its common practice for places like "The Edge" to not have titles in the building. They take money out on vehicles and title loan places keep the titles... :crazy:
Why this is legal, I'll never understand. It doesn't even seem like a good idea! I'd think you'd want to keep all your money in your pocket...there's gotta be some deal they work out with these title loan places that makes them more money.

I spoke to a lady that does the accounting for Money Train...They have no records of The Edge making any payment on the title loan for my bike. I tried to contact the manager (Brian) again today. "he's in a meeting, he'll call you back when he gets out." That was 2 pm this afternoon.

 

How the title thing works is: Dealer buys vehicle, title goes in to the dealers name, dealer uses money from loan place "A" to pay for vehicle, loan place "A" puts a lien on the title, lien comes off when dealer pays all monies for vehicle. The pay off money usually comes from money customer pays for it. Whether customer gets a loan or pays cash. If customer gets a loan the loan company either pays customer or makes check directly to the dealer for the vehicle (most likely direct to dealer if it's a vehicle loan), loan company expects the title from DEALER not you.

So if you got a loan, the loan company may go after you and or the dealer. If you have loan monies then you might want to get the loan company involved. They have big lawyers. They may also cancel the check. So now dealer is screwed because customer has vehicle and no monies for it. Makes them do what ever to get title to loan company.

Now if you got a personal loan and not a vehicle loan your screwed. You owe the money.

The dealer has to have the title or memorandum title from loan company "A" on site. Otherwise they may be in violation of state DMV laws. You should also talk to your DMV head quarters. Local DMV's may not know the all the legalities of state vehicle sales. The head quarters will and they can advise you. They may also take action against dealer, whether they are still in business or not. I'd make some phone calls and put pressure on the dealer. They could be facing big fines or jail time depending on your state laws.

 

its a title loan place...so you have to own the vehicle to take the title loan out.
I probably misunderstood what the lady was trying to explain because at intrest rates 200%+ I can't understand why any dealership would want to keep title loans on their vehicles.
I'm still thinkin they needed the money so they took out some title loans on vehicles they had in the show room...then went out of business anyway.
Whatev.
I've got a long (hopefully free) weekend coming up. Really going to push to get this noise sorted out. Its a huge a pain in my ass.

Its a vehicle loan.
A few of us at work were just talking about the lawyers at the credit union just a few hours ago! haha.
I'm calling them when I wake up tomorrow and getting them in on this. If I have them on my side (probably...they want their title since they shelled out the dough!) They can put more pressure on the dealership to get the title turned over to them.

I'll try that with the DMV tomorrow as well. I was going off word of mouth about it being legal in Utah to sell something without having the title.

 

Little update...Maybe getting somewhere finally.

The manager at The Edge showed me their accounting spread sheet showing they paid off the bike.
I contacted an officer at the Department of motorvehicle enforcement...He told me to get my hands on some real proof (bank statement, cancelled check) from The Edge and take it to Money train. He told me there's an investigation going on with these 2 companies right now and they both have a lot of frozen assets and accounts so there's probably some missing/messed up paper work with my pay off.
I'm hoping I can get my damn title this week and get this thing registered.
This is annoying as all hell and a HUGE waste of my free time...last time I ever buy a vehicle from someone before seeing the title.

 

Yea live and learn. I know how that works, don't feel alone. It's a good thing about the investigation. Sounds like you may be ok on the bike deal. Except for the time it may take to straighten things out.

But it is the dealers problem with the title. The loan place may not deal with you directly. Good luck and keep the pressure on. If you don't no one else will. They have no personal interest in doing so. Unless you can get someone from the DMV involved personally because they don't like these people or bad dealers. Keep us posted.

 

FINALLY! I got the stupid title!

This VFR was repo'd by American Honda Finance from the original owner in Hawaii! Wonder how it ended up here in Utah...
*shrug*
Whatev. I can finally get plates and get the thing registered! yay.

 

Thats great news...congrats:thumbsup:

now you can enjoy her properly!

 

All right the good guy wins! Now take it out and play with it.

 

Congrats. So there won't be anymore of the "ride it like you stole it" eh?

 

Congrats! :thumbsup:

 

Glad that worked out for you. Drag that it was such a headache for a while.

 

lol...the day after I took the title to the dealer (they can handle the title work/registering like they were supposed to months ago...I'll be damned if I'm spending another DIME on this title thing) they called me up "we have your plates"
ONE DAY. seriously...

 

thats how it goes.......good thing you stuck it out.....the reason your bike ended up in Utah..thats an easy one...auto auction....it was probably bought by the EDGE at an auction......