topic Re: Victims of stolen trade in!! in General Credit Topics

Victims of stolen trade in!!

Anonymous — Tue, 17 Jul 2018 21:56:03 GMT

Back in October of 2017 we traded in our 2008 Jeep Library for a new truck! We did everything right on our end. Well the small town family dealership that has been in business for years never paid off my Jeep! We called and emailed them multiple times and they told us they was handling it. Well after of two months of the run around (30 days of that to pay off) we went to the dealership and discovered it was closed! No cars on lots and no sign about what or why. Through a auto shop we found out what happened. The husband/wife spilt up and nothing was getting paid but they was getting paid for the sold vehicles by the banks! My Jeep is no where to be found. The Attorney General, DMV investigator, prosecuting attorney, and FBI along with the local police are all involved! We had to file a police report, repost with Attorney General, and send paperwork to the prosecuting attorney! We even sent the paperwork to our Leander of the Jeep. I have answered all their calls and have told my story so many times I can say it in my sleep. We are not the only ones either. Was told by our bank manager, went local loan that there is 1.6-2 millions dollars missing!! This is a big deal. Well anyway the loan company we use for the Jeep just charged us off! Even though we give them copies of all the info. There is even a police report stating the vehicle is stolen. We went from a 759 credit score to mid 500’s as if today! We have had credit cards closed on us because of this! Is there anything else we can do??? How is it fair to us when we did everything right?

Re: Victims of stolen trade in!!

RobertEG — Tue, 17 Jul 2018 23:08:29 GMT

Your defense would appear to be that after date X, you were no longer the titled or legal owner of the vehicle, and that the purchaser had the legal obligation to have paid the loan balance to your creditor.

Reporting of the charge-off would become legitimate basis for civil action asserting no delinquency in fact, but not directly by way of civil action contesting the accuracy of the reporting of the charge-off.

Consumers do not have the right to bring their own private civil action directly contesting the accuracy of reported information.

Rather, you must first file a dispute with the CRA contesting the accuracy of the reported information. If the result of the dispute is verification by the CRA, you then have legal basis for bringing civil action based on a lack of reasonable investigation of the dispute.

See FCRA 623(c).

I would thus immediately file a formal dispute with the CRA, accompanied by all of your supporting documentation, on the basis that there was never a delinquent debt in fact, and thus any reporting of a delinquency in the form of either a monthly delinquency or a charge-off was inaccurate. The CRA must then forward the dispute to the creditor, who must then conduct a reasonable investigation of your dispute and respond back to the CRA.

Should your creditor make a determination that your dispute is not persuasive, and thus verify the accuracy of their reporting of any delinquent debt to the CRAs, you can then bring your own civil action contesting the reasonableness of their verification of your dispute. The judgment of the court would then be binding on the creditor, who would then be required to delete the reporting of delinquency on your part.

That would be my recommended action.

Re: Victims of stolen trade in!!

Anonymous — Sat, 21 Jul 2018 18:30:41 GMT

@RobertEG wrote:

Your defense would appear to be that after date X, you were no longer the titled or legal owner of the vehicle, and that the purchaser had the legal obligation to have paid the loan balance to your creditor.

Reporting of the charge-off would become legitimate basis for civil action asserting no delinquency in fact, but not directly by way of civil action contesting the accuracy of the reporting of the charge-off.
Consumers do not have the right to bring their own private civil action directly contesting the accuracy of reported information.
Rather, you must first file a dispute with the CRA contesting the accuracy of the reported information. If the result of the dispute is verification by the CRA, you then have legal basis for bringing civil action based on a lack of reasonable investigation of the dispute.
See FCRA 623(c).

I would thus immediately file a formal dispute with the CRA, accompanied by all of your supporting documentation, on the basis that there was never a delinquent debt in fact, and thus any reporting of a delinquency in the form of either a monthly delinquency or a charge-off was inaccurate. The CRA must then forward the dispute to the creditor, who must then conduct a reasonable investigation of your dispute and respond back to the CRA.

Should your creditor make a determination that your dispute is not persuasive, and thus verify the accuracy of their reporting of any delinquent debt to the CRAs, you can then bring your own civil action contesting the reasonableness of their verification of your dispute. The judgment of the court would then be binding on the creditor, who would then be required to delete the reporting of delinquency on your part.
That would be my recommended action.

Very good explanation. Did you still have comprehensive on the Jeep? If so you can file a claim. I would stay close contact with the former car dealer's floor plan lender and the state agency that regulates car dealers in your state. They may tract the offender down.

My family owned a Ford Dealership for 50 years. I recall once this same thing happened at large dealer. We were invited to take over the dealership and what cars Ford could locate under a very good finance/floor plan deal. If it had been closer to us we would have done it. It took several years before all the money and cars were located.

Re: Victims of stolen trade in!!

UncleB — Sun, 22 Jul 2018 07:58:34 GMT

@Anonymous wrote:
@RobertEG wrote:

Your defense would appear to be that after date X, you were no longer the titled or legal owner of the vehicle, and that the purchaser had the legal obligation to have paid the loan balance to your creditor.

Reporting of the charge-off would become legitimate basis for civil action asserting no delinquency in fact, but not directly by way of civil action contesting the accuracy of the reporting of the charge-off.
Consumers do not have the right to bring their own private civil action directly contesting the accuracy of reported information.
Rather, you must first file a dispute with the CRA contesting the accuracy of the reported information. If the result of the dispute is verification by the CRA, you then have legal basis for bringing civil action based on a lack of reasonable investigation of the dispute.
See FCRA 623(c).

I would thus immediately file a formal dispute with the CRA, accompanied by all of your supporting documentation, on the basis that there was never a delinquent debt in fact, and thus any reporting of a delinquency in the form of either a monthly delinquency or a charge-off was inaccurate. The CRA must then forward the dispute to the creditor, who must then conduct a reasonable investigation of your dispute and respond back to the CRA.

Should your creditor make a determination that your dispute is not persuasive, and thus verify the accuracy of their reporting of any delinquent debt to the CRAs, you can then bring your own civil action contesting the reasonableness of their verification of your dispute. The judgment of the court would then be binding on the creditor, who would then be required to delete the reporting of delinquency on your part.
That would be my recommended action.
Very good explanation. Did you still have comprehensive on the Jeep? If so you can file a claim. I would stay close contact with the former car dealer's floor plan lender and the state agency that regulates car dealers in your state. They may tract the offender down.

My family owned a Ford Dealership for 50 years. I recall once this same thing happened at large dealer. We were invited to take over the dealership and what cars Ford could locate under a very good finance/floor plan deal. If it had been closer to us we would have done it. It took several years before all the money and cars were located.

I never would have thought of that, and it's a great suggestion.

If nothing else, a claim will get the insurance company (and their lawyers) involved, which might help move things along.

I would still try @RobertEG's advice first, though, since even if a comprehensive claim is successful and the insurance pays off the loan, there's still the issue of credit reporting that will need to be dealt with.

Re: Victims of stolen trade in!!

JVille — Sun, 22 Jul 2018 17:13:40 GMT

My opinion and I’m not an Attorney (but watched some on TV) is that on the Day you Traded the Car in you had insurance coverage. That is the day your vehicle was effectively stolen. So you had coverage at that time and the dealership never had a Good Faith intent to pay your loan off.
I think you will need an Attorney to make this argument and in my uneducated mind believe you should be successful.
PLEASE come back and let us know how it’s going as this is every ones nightmare and we trade in cars.
You may also get the Credit Bureaus to delete the charge off and late showing all your proof of a trade in and the subsequent police & other reports. Dispute the baby until hell freezes over!

Re: Victims of stolen trade in!!

Anonymous — Sun, 22 Jul 2018 18:41:07 GMT

Two more thoughts. 1) The CRA may push back with the old "until it funds its on you." This is based on based on totaling out cars and the owner is stil required to make the payment(s) til the insurance pays for the total which can be 60 days after the damage/total . Hopefully this is not the case. 2) Do any of of your local tv, radio, newspaper have an action resolve center. The negative pr may get the state or insurance co moving. Again good luck.