In a recent turn of events, several major automotive finance companies are facing financial distress, with some even going out of business. The latest company to join this unfortunate trend is American Car Center, a prominent Buy Here Pay Here chain operating across 10 states with over 40 locations. As they close their doors, leaving 288 employees terminated, borrowers are left in a precarious situation.
If you find yourself in the position of having an active loan with a company that’s shutting down, the immediate concern is understanding the implications for your ongoing payments and, crucially, securing your vehicle’s title. In this blog post, we’ll explore what borrowers should do in the aftermath of their auto finance company going out of business.
As a borrower with an open loan, one of the first actions recommended is filing with your state’s Dealer Licensing Division for a title recovery. This proactive step ensures that you initiate the process early, potentially safeguarding your rights to obtain the vehicle’s title.
Consider starting the civil lien process in your jurisdiction to assert your ownership of the vehicle. While this step may vary based on state regulations, it’s advisable to explore your options for securing legal ownership rights to the vehicle.
While this advice provides a general roadmap, it’s crucial to note that it’s not legal counsel. Borrowers are encouraged to seek advice from a legal professional to fully understand their rights, consumer protection rights, and the most appropriate actions to take in their specific circumstances.
Waiting until the end of your loan term to address these issues might jeopardize potential avenues for resolution. Taking prompt action ensures that you can leverage any available funding from restitution funds and, more importantly, protects your rights to the title or lien release from the defunct finance company.
For borrowers still making payments, there’s a delicate balance between avoiding unnecessary payments and ensuring compliance with contractual obligations. Starting the recovery process early allows borrowers to make informed decisions about whether continuing payments is necessary or if they risk defaulting on the loan.
Finding out that your auto finance company is going out of business can be unsettling. However, taking immediate and proactive measures can help protect your interests, ensuring that you navigate the aftermath with a clear understanding of your rights and potential avenues for securing your vehicle’s title. Remember, early action is key, and seeking legal advice is a prudent step to ensure the best possible outcome in a challenging situation.
If you plan to buy or sell an RV, a title is one of the most essential documents you’ll need. The title proves your ownership of the RV, and it’s typically required for registration and insurance. But if you’re still getting familiar with the process, getting a title for an RV can seem daunting. In this blog, we’ll guide you through the steps to get a title for an RV in the United States. While each state’s requirements may vary, in general, here’s how to get a title for an RV:
The first step to getting a title for an RV is to gather the necessary documents. You’ll typically need to provide proof of ownership, such as a bill of sale, a manufacturer’s statement of origin, or a previous title. You may also need to provide other documents, such as a lien release or a statement of odometer disclosure. Ensure you have all the required documents before starting the application process.
Once you have the necessary documents, the next step is to complete an application for a title. You can usually obtain the application from the state’s department of motor vehicles (DMV) or the agency that handles vehicle registration. The application will require you to provide information about the RV, such as the make, model, year, and VIN. You’ll also need to provide your personal information, such as your name, address, and driver’s license number.
To obtain the title, you’ll need to pay fees for registration, title, and sales tax. The cost can vary depending on the state or the value of the RV. Some states may also charge additional fees for processing or expedited service. Make sure you understand the fees before you submit your application.
Once you have completed the application and paid the fees, you must submit the application and all the necessary documents to the DMV or the agency that handles vehicle registration. Some states may require you to submit the documents in person, while others may allow you to submit them by mail or online. Ensure you follow the instructions for submitting the application and documents, and keep a copy of everything for your records.
The processing time for a title can vary depending on the state and the workload of the DMV or the agency. You may be able to check the status of your application online or by contacting the DMV or the agency. Once the title is processed and issued, you’ll receive a certificate of title that proves your ownership of the RV.
Getting a title for an RV in the US can be a straightforward process if you follow these steps. Make sure you have all the necessary documents, complete the application accurately, pay the fees, submit the application and documents as instructed, and wait for the title to be processed. With a bit of patience and attention to detail, you’ll soon have the title you need to buy or sell your RV.
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Order Vermont Title LoopholeOrder Deceased Owner Title TransferOrder Bonded Title ProcessOrder Abandoned Vehicle ProcessOrder Prior Owner ContactOrder Lien Release Request LetterPGlmcmFtZSBzcmM9Imh0dHBzOi8vYXBwLmFjdWl0eXNjaGVkdWxpbmcuY29tL3NjaGVkdWxlLnBocD9vd25lcj0xOTQ4ODEyNiZhcHBvaW50bWVudFR5cGU9MjMwNjY0MTAiIHRpdGxlPSJTY2hlZHVsZSBBcHBvaW50bWVudCIgd2lkdGg9IjEwMCUiIGhlaWdodD0iODAwIiBmcmFtZUJvcmRlcj0iMCI+PC9pZnJhbWU+PHNjcmlwdCBzcmM9Imh0dHBzOi8vZW1iZWQuYWN1aXR5c2NoZWR1bGluZy5jb20vanMvZW1iZWQuanMiIHR5cGU9InRleHQvamF2YXNjcmlwdCI+PC9zY3JpcHQ+
If you own a boat, you may need to obtain a certificate of title to establish proof of ownership. A boat title is a legal document that verifies that you are the rightful owner of the vessel. This blog will explain the steps you need to follow to obtain a boat title in most states.
The first step in obtaining a boat title is to check with the relevant state agency that handles boat registration and titling in your state. This is typically the Department Of Motor Vehicles (DMV), the Department Of Natural Resources (DNR), or a similar agency.
Once you have identified the relevant agency, gather any required documentation, such as proof of ownership, bill of sale, or previous registration paperwork. The required documentation will vary by state, so check with the agency for a complete list of documents you need to provide.
Complete the application for a certificate of title for a boat. This typically requires information such as the boat’s make, model, hull identification number (HIN), and current registration number. The same application is used in many states for vessel titles as vehicles.
You may need to pay a fee to obtain a certificate of title. The fee amount will vary by state, so check with the agency for the specific cost for your state.
Once you have completed the application and gathered all the necessary documents, submit them to the state agency that handles boat registration and titling. You can submit the application and documents in person, by mail, or online, depending on the options available in your state.
The agency will review your application and documents and process your request. Processing times vary by state, but it may take a few weeks to receive your certificate of title.
In summary, obtaining a boat title involves:
With a bit of patience and attention to detail, you can obtain a boat title and establish proof of ownership for your vessel. Remember, each state has its own process for issuing boat titles and not all states require them. Check the requirements in your state prior to submitting your application. To replace your lost boat title, most methods of title recovery are accepted.
The process of obtaining a title for a vehicle with multiple owners can be more intricate than the standard procedure. However, by following the proper steps and providing the necessary documentation, you can still get a title for your vehicle. In this blog post, we will discuss obtaining a title for a car with multiple owners, including what documents are needed and how to handle any liens or other issues.
The first step in obtaining a title for a vehicle with multiple owners is to determine the type of ownership. There are two types of ownership: joint ownership and tenants in common ownership. Joint ownership means that both owners have an equal share in the vehicle. In contrast, tenants in common ownership means that each owner has a specific percentage of ownership in the car.
Once you have determined the type of ownership, you will need to gather the necessary documents to apply for a title. These documents typically include the following:
Once you have gathered all the necessary documents, you must submit the title application and documents to your state’s Department of Motor Vehicles (DMV). You will be required to pay sales tax and a fee to obtain the title, so be sure to check with your local DMV for specific costs.
If there are any liens or other issues with the vehicle, you will need to handle them before you can obtain a title. For example, if one owner has a lien on the car, they must provide a lien release document before the title can be issued. If the vehicle has outstanding tickets or fines, those must be paid before the title can be issued.
When applying for a title, you will need to decide on the format of the title. You can choose to have the title issued with both owners’ names on it or have the title printed with one owner’s name followed by “and” or “or” and the other owner’s name. Be sure to discuss this with the other owner to determine which format is best for your situation.
In conclusion, obtaining a title for a vehicle with multiple owners may seem complicated, but by following these steps and providing the necessary documentation, you can get a title for your car. If you need clarification on any part of the process, contact your local DMV for guidance. Remember, it is crucial to ensure that all owners are in agreement with the title format and that any liens or other issues are handled before the title is issued.
New cars are becoming more available, and some dealers may have new vehicles that are marked under MSRP. However, according to Jalopnik, advertised deals under MSRP may be too good to be true. In addition, there is more inventory at the end of 2022 due to new laws that make certain pricing tactics by dealerships illegal. The Federal Trade Commission (FTC) has released new rules that require dealerships to offer a good deal on a car, which may be a new law. It’s important to know how to ask for and expect a good deal.
Let’s explore the federal register and FTC policy. Jalopnik highlighted a Volkswagen sale that advertised a good price, but the fine print revealed that the discount was only available with a trade-in and dealer financing. If you didn’t have those, you would pay significantly more. Another deal had dealer-installed items that added $3-4k to the price. Even if you found out and didn’t buy, the FTC may consider the misleading price as anti-competitive behavior. They will crack down on practices that divert consumer attention from competitors, even if the business owns up to it later. This is part of a 16-page document on unfair competition adjudicated in November 2022.
The Federal Register’s Motor Vehicle Dealers trade regulation rule prohibits dealers from misrepresenting during the sale, lease, financing, or arranging of financing. It requires accurate pricing disclosures, prohibits selling add-ons that don’t benefit the consumer, and mandates record-keeping of advertising and consumer transactions. The FTC recognizes that the buying or leasing process is time-consuming and arduous, taking five hours or more at a dealership, not including time spent visiting dealerships without purchasing. Misleading advertisements can cause significant harm, diverting consumers from honest dealerships. Prohibited practices include ad-ons and deceptive pricing. Protracted paperwork can hide add-ons that weren’t agreed upon, taking advantage of the consumer’s weariness to add the additional cost. Misrepresentations affect the consumer’s choice to visit a dealership or not.
Even if a misrepresentation only makes you visit a dealership, it’s still prohibited. Misleading ads can divert business from truthful dealerships and waste customers’ time. The FTC rule prohibits misrepresentations concerning the cost of financing, purchasing, or leasing a vehicle, including the total cost, features, and other charges. Dealerships can’t advertise prices with rebates that aren’t available to all consumers. They must disclose the true offering price of a vehicle, excluding only required government charges, and cannot add additional fees later. These practices are unfair as they cause substantial injury, including wasting customers’ time pursuing unattainable offers.
To avoid inaccurate pricing, get a documented firm offering price in writing from the dealership. Ask for the best price on the vehicle and document it. Motor vehicle dealers are required to keep all advertisement sales scripts, training materials, marketing materials, financing information, and quotes to consumers for 24 months. Bad deals on cars are almost illegal now, so as a consumer, you have more rights when buying a car. Use this to your advantage, and don’t be misled by dealers. They cannot waive these rules, and if you’re misled, you can pull their records to support your case. Remember to ask for written price information and use this rule (463-4) as leverage as a buyer. Be aware of your rights and get a documented offering price from the dealership to avoid wasting time and being misled later.
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