| Author |
Message |
Dale W Spradling (Drtax)
Member
Username: Drtax
Post Number: 503
Registered: 4-2003
| | Posted on Saturday, October 25, 2003 - 8:44 pm: | |
Thanks James, great tips. I'll also check with Joe Maniaci at FOH to get an idea of how they do it. thx
Dale |
James Dunne (Audiguy)
Member
Username: Audiguy
Post Number: 367
Registered: 6-2003
| | Posted on Thursday, October 23, 2003 - 12:25 pm: | |
Dale,
We did a lot of consignments at FoDallas. There is a form for you to fill out stating that you will maintain title to and ownership of the vehicle until payment is made to you and you have signed off on it. It will also state that you are required to maintain insurance on the vehicle since the dealer holds no vested interest in the car at this point.
Be sure to include a beginning and ending date for the consignment so that there will be no problems if the car does not sell within the specified time. This should keep you absolved to any liability during the listing period should something happen during that time.
Be sure to get a copy of this agreement signed by the dealer and yourself and keep it in your records should something unsuspected come up. You should be protected even if there is a bankruptcy or lien placed against the dealer. You will be holding signed admission by the dealer that it is indeed your car and he has no financial hold on it.
Have fun, enjoy, in Nawlins |
Dale W Spradling (Drtax)
Member
Username: Drtax
Post Number: 501
Registered: 4-2003
| | Posted on Thursday, October 23, 2003 - 11:24 am: | |
There are two potential problems:
1. The dealer could use the car as collateral on a bank loan and the bank files a lien notice. I know that banks are not supposed to do with seeing the title. But, guess what? This happens all the time.
2. If a creditor seizes the dealer inventory (including my car), everything gets impounded. Have you ever tried to get a lien notice lifted 1500 miles away?
I guess what I'm thinking is the maybe I should make the dealer sign a open purchase agreement and, thus, create a lien. This will give me grounds, I think, to file a UCC notice.
But, I'd love to hear some mo opinions from those who have been there.
Okay, dats it. I'm going to New Orleans!
Dale |
Fred (I Luv 4REs) (Iluv4res)
Member
Username: Iluv4res
Post Number: 572
Registered: 8-2002
| | Posted on Thursday, October 23, 2003 - 10:57 am: | |
Dale, by leaving your car on the lot you're not transfering ownership to the dealer so why worry? It's like letting a friend drive the car. Keep the title in your name and in your possession until they sell it.
Unless they are requiring you to sign over the title to them???? |
arthur chambers (Art355)
Advanced Member
Username: Art355
Post Number: 2768
Registered: 6-2001
| | Posted on Thursday, October 23, 2003 - 10:32 am: | |
There is a Uniform Commercial Code, but each state has modified it. I would check with local counsel about exactly what you need to do, to ensure that title cannot pass until you are paid, or that the dealer's creditos can't attach your vehicle.
Art |
Dale W Spradling (Drtax)
Member
Username: Drtax
Post Number: 500
Registered: 4-2003
| | Posted on Thursday, October 23, 2003 - 10:01 am: | |
I'm going to be giving my Porsche to a dealer in Connecticut on cosignment. Is there anything that I should do to protect myself in case the dealer gets hammered by his creditors? For example, should I file a UCC lien in Connecticut just in case?
Thanks in advance, Dale
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