advice about a car i sold

Hi,
I sold my italia 458 a month ago.I have an agreement signed with a dealer for the total amount etc..i had a payoff on my car so the buyer sent half of the money to the bank and decided not to pay the rest of the amount until today..the bank still own the title though..the buyer sold the car to a ferrari dealer in fl and the dealer sold the car to a dealer in chicago..mind you that the bank still have the title in hand and the car is still on my name..everyday that passes ferrari in miami fl ,the bank and i is chasing this guy that i sold the car to and he keep saying that he will send the money but until today to money!! any advice what should i do? should i contact my lawyer and open a case..my only concern is that the car is still on my name and i dont want to mess up my credit..
thanks

 

Did you purchase the car on hire purchase or leasing arrangement? If so , the title of the car should still be in the bank or the HP company . The purchase could not possibly acquire the title unless it has paid off the bank .

 

i would call an attorney for advice.
if you need help, pm me, as my daughter is an attorney in miami and might be willing to help.

 

I think you're screwed and the dealer you sold the car to might end up in jail.

 

If you and your bank still has the title, why not just go take your car back? Am I understanding this correctly?

 

If I understand the "Dealer" bought your car and did not pay you, but sold the car to a third party -------------that is theft, get a lawyer. Best

 

Your bank would not release the the title without being paid 100% therefore you're still the rightful owner on the title. You can repossess the car or call the police for stolen car. Someone will need to pay you the other half to finish the transition. but definitely consult an attorney to know where you stand. Sounds like fraud...

 

I have spoken to Ferrari of Ft.lauderdale and they have engaged law enforcement on a national level(FBI) and my understanding is that he will be visited today.

 

Did you give the guy the car with just his promise to pay you the rest....not a good idea

 

A lot of shady people out there car would only leave my site when I have a wire transfer that hits my account other than that no deal.

 

Let us know how this all turns out

 

no we have agreements and a contract that we signed

 

I'm confused.....you have an agreement with the dealer for the total amount?....then you say the buyer paid half.....is the buyer the dealer?...did you sell the car through the dealer?....the buyer then sold the car to another dealer?.....then on to a dealer in Chicago?....all of this with no title?

Can you be more specific on who legally bought the car from you.....a private person or the dealer?

 

Guys you're forgetting something.

The bank has his title and as far as they are concerned, they want their money. The OP is responsible for the rest of the payment to release the car.

The fact that the car was shipped off and "sold" (not sure what that means BTW) to two different dealers without a clear title is the same as auto theft, plane and simple. But OP is still on the hook for the loan.

What I would do is this

1) I'd try to reach out the bank to make the payments before they repo it.

2) ask for my car back.

With luck, you'll get the car back and the dealer who paid half will be out of that money.


That being said.... I'm not sure we have all the information here. Something tells me we are not seeing the entire story.

 

Now thats not going to happen... he is going to have to give back that money if he gets that car back!!!

 

A valid point... however --- I would tell them go get screwed or end up in jail for auto theft.

Even if you gave the money back, you are still in possession of the car and the title. It's a darn site better then the title and no car. What happens to that car if it's damaged or abused now? Guess who owns it...

Or, what happens to the two other dealers involved if they refuse to send the money back? This could take years to sort out if everyone wanted to play hardball.

 

That's very clear to us but not so to the OP....he's going to have to continue to make payments on the car unless the check that was submitted was not a "principal only" check.....if it wasn't then the lump payment will be put in as prepaying a certain number of monthly payments....if it was "principal only" his next payment will be due as schedule....

regardless I agree with your last statemnt, we're not getting all the info....

 

I would definitely get my hands on that car asap and I would also not miss a payment as you are still on the hook since the bank has not been paid off yet. If car is damaged now it is going to be a sticky situation.

 

I think the dealer themselves who let this car go without a title is in a world of hurt. But then again, I am guessing they're more facts and info missing.

 

thats how it went down!! i sold the car to a private dealer with an agreement to payoff the bank..that private dealer sold a dealer in fl the car..dealer in fl sold someone else the car..the bank still own the title..ask me how they did it i don't know!! the bank already received half of the money so they are deducting the monthly payment out of what they already received..i asked the bank to repo the car and i would continue with the lease but right now they don't want..they prefer getting the money from the buyer

 

i sold the car to a private dealer with an agreement to payoff the bank..that private dealer sold a ferrari dealer in fl the car..dealer in fl sold someone else the car..the bank still own the title..ask me how they did it i don't know!! the bank already received half of the money from the person i sold the car to, so they are deducting the monthly payment out of what they already received..i asked the bank to repo the car and i would continue with the lease but right now they don't want..they prefer getting the money from the buyer..ferrari dealer in fl contacted the FBI against the person that purchased the car from me..the car is safe right now at a private dealer..we know where the car is at.

 

Someone's headed to jail.

 

...And to the big house, not just to the low income city jail. All sorts of counts on this one the DA may have a field day on.

 

I hope Big Bubba will be good to this fraudster.


Sent from DoctorWill's iPhone using Tapatalk

 

Good news money is in!! Everything got solved..thx guys for the help