QUESTION
Why wont auto title loan company transfer title that was signed over to me after they gave me the loan so I can register my vehicle?
Asked on Mar 11th, 2013 on Debtor and Creditor - Florida
More details to this question:
My business partner signed the title of my company owned truck over to me.I then took out a title loan on the truck.The title loan place said they could do the title transfer for us but they never did it & I didnt know I couldnt do it myself after the fact which I found out when I tried to register it myself. I also found out they were required to do it because my partners name was on the title. It read his name "or" the company as owners. I am the "or" because I am also the other owner of the company. Now I can't register my truck! The title was signed over to me, the loan contract is in my name, the company name,& I carry the insurance on the vehicle. The loan place said they will NOTtransfer or correct this. Said they are done with me and there is nothing I can do about it unless I pay the loan off in full right now! How can they legally leave my partners name on this title when he has nothing to do with this? The registry told them they needed to fix this & they told them no also!
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
The answer, if there i a legitimate one, will likely lie in the paperwork and title history. As you will probably need to hire an attorney to start a contract breach type lawsuit, he should look over your records in this regard. I say this because is seems strange that YOU took out a title loan on a truck for which you did not have title at the time and the title loan company (sharks that they usually are) would allow youhave such a loan with a title in limbo. More immediate question is, a such loans are usually very short term, is there a problem where the company will not be paying loan back and it may be repossessed? Also, you should talk to your corporate attorney about using company assets as collateral for personal loans. This is typically a no-no and could result in issues with your business partners if they later take the position that this was not authorized corporate activity or that you abused your position as an officer etc.
Answered on Mar 12th, 2013 at 10:55 AM
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