I purchased a card from a dealer. The car is legally mine. If the dealer bought the car at an auction, using a floor plan, and then defaulted on that loan, can the floor plan company legally refuse to send me the title? Since the floor plans’ loan to the dealer is not for any specific vehicle, how can they say that the title is collateral in their suit against the dealer?
Originally posted 2009-06-30 23:54:52.
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sounds like dealer sold a car that wasnt his to sell and yes if the car is part of their case against him its their car not yours an dyou wil have to sue as well to get your money or car
Yes. Your beef has to be with the dealer though, not the dealers finance company. The dealer sold you someone else’s property
The car is NOT legally yours, if you didn’t get a TITLE to it. The dealer can’t SELL the car, legally, unless they have a clear title.
So, yes, the floor plan company can refuse to send you the title to THEIR car. Because THEY own it. ALL the titles that they hold, to ALL the cars that dealer bought, were collateral in the loan.
Now you need to go to the police, and the local news, and file charges against this dealer, and get in line to try to get some of your money back. Because the car is legally owned by the floor plan company. The dealer sold it illegally.
I can’t sell your car. You can’t sell my car. The dealer can’t sell the floor plan company’s car. Sorry.
The car was never really the property of the dealer to sell. Sounds like all vehicles in the dealership were under the floor plan.