Originally posted by LivinADream
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lol... I'll bet dollars to donuts that money has done been spent. -
No doubt, and it didn't go to the bank to pay off the lien.Originally posted by BigJimmyRustler View Post
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Hope everything works out.Comment
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In texas a bill of sale is not a receipt of sale. Only the title and the signed title transfer paper can be your reciept. Bonded titles cost a bit of money as well and the title has to be clear. His only bet here is to get it square with the guy but first needs to know the payoff on the truck
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Not saying this is what's going on but could be that the bank is holding the title to the truck as collateral against another obligation of the seller to the bank. Could be a small credit card, charged off checking account, etc. that equals $1,100. The term is "cross collaterilization," it's buried in the loan docs and basically says that security for this loan also serves a security for all the borrower's other debts / obligations to the bank.
The seller could be claiming he only got $11,900 because it will actually take $14,100 for the bank to release the title.
Best wishes for a quick and inexpensive resolution!Comment
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I was also thinking he did not have a clear title.Comment
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I know if this happened to me when I was in the service...long before the internet age....this guy would get real tired of me giving him an adjustment every day and it would get resolved out of self preservation.
people like this need to be exposed to the public....Comment
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^^^^ Things like this are good to know! I'd never heard of this before. On the other hand, like previously mentioned, I usually will always finance a purchase like this to have the bank do all the footwork and just make sure there are no prepayment penalties on the loan. Get that sucker paid off!Originally posted by wilsonjc View PostComment
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baaaaaahahahahahahahahahaOriginally posted by scjeeptx View Post
This is absolutely no help but it is funny !
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It sounds pretty fishy at all levels. I would agree with many on here that the seller is likely committing some sort of scam or fraud. Truck may be stolen. I feel fairly certain the guy did not mail 13,000 cash to his bank. Nor did he produce any documents from the bank. He has the burden of proof, not your son.
I would recommend that they do a title search and verify that it is not a stolen truck before I did anything else. If it is, he may want to go to the police. They may want to go with your son to deliver the "missing" 1100.00.Comment
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Well, Devin ... you got an update?Comment
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hoping for a quick resolution and/or someone giving the seller a major beatingComment
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I think if the truck was stolen or if he was trying to outright scam your son, that he would have just disappeared, he would not be hanging around trying to pick up crumbs. The comment about having an additional outstanding small loan does make sense.
You pretty much know that it had a lien on it because he said the title was with the bank, maybe his payoff is higher than he thought.
Hopefully your son has gotten some input from Jag on what to do next. For sure a cashiers check would have been better. And going to the bank to verify the loan payout as a part of transaction. The fact that the bank was in another state either supports that it was some sort of scam, or is just unfortunate.
I hope it gets sorted out.Comment
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I heard these are scams. I hope it works out for your son in the end. Good luck.Comment
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Terrible way to treat a young man that defends our country and will sacrifice his life for the good of this sorry arse pos! Good luck to your son.Comment
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