Important.....
Thread Starter
Le Mans Master
Joined: Mar 2004
Posts: 8,700
Likes: 298
From: Ft. Lauderdale Fl
Important.....
The local news (TV) and newspaper carry a story that we should be aware of.
We, Corvette people, buy Vettes from each other constantly.
A little over a year ago, a guy buys a newer truck from a seller, goes to his bank (Wells Fargo) and issues the seller a check for $33,000. The seller signs over to the buyer the title. Twelve months pass, the truck was reported stolen, the police come and pick up the buyers truck.
The buyer of the truck is now out the truck BUT still owes Wells Fargo $600.00 per month.
The buyer went public with the story for help. (relief from Wells Fargo)
We, Corvette people, buy Vettes from each other constantly.
A little over a year ago, a guy buys a newer truck from a seller, goes to his bank (Wells Fargo) and issues the seller a check for $33,000. The seller signs over to the buyer the title. Twelve months pass, the truck was reported stolen, the police come and pick up the buyers truck.
The buyer of the truck is now out the truck BUT still owes Wells Fargo $600.00 per month.
The buyer went public with the story for help. (relief from Wells Fargo)
Melting Slicks
Joined: Aug 2015
Posts: 3,105
Likes: 304
I gotta call BS on this one. If the buyer has a bill of sale signed by the seller AND the title, how can he be arrested for theft? A first year law school student could get him out of that one.
There are way too many things wrong with this story.....
Shakey
There are way too many things wrong with this story.....
Shakey
Le Mans Master
Joined: Nov 2005
Posts: 5,403
Likes: 31
From: Allentown PA & Elk Twp NJ HPDE Addict
I really would like more details on this story. Can you provide a link?
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.
Safety Car
Joined: Apr 2011
Posts: 4,260
Likes: 429
From: Houston TX
Huh? This story makes zero sense. How would someone report something they no longer own stolen? The truck would be in the name of the new owner and WF would hold the title until they release the lien. The previous owner would no longer have an interest in the truck so how could they report it stolen?
Thread Starter
Le Mans Master
Joined: Mar 2004
Posts: 8,700
Likes: 298
From: Ft. Lauderdale Fl
[QUOTE=spdislife;1592482693]I really would like more details on this story. Can you provide a link?
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.[/QUOT
The title was counterfeit, the buyer was not arrested, the seller cashed the check, a loan was taken out so the buyer still owes the bank. The buyer hired an attorney. The repo of the truck with the Dade county police was on camera. etc. etc.
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.[/QUOT
The title was counterfeit, the buyer was not arrested, the seller cashed the check, a loan was taken out so the buyer still owes the bank. The buyer hired an attorney. The repo of the truck with the Dade county police was on camera. etc. etc.
Burning Brakes
Joined: Mar 2014
Posts: 807
Likes: 239
Total crap story. First where are you going to get a legitimate title for a stolen vehicle? DMV would spot a counterfeit in a second. Next the OP never said the buyer was arrested. Lastly every time the VIN is run, 1st at the bank, 2d at DMV, and 3d by the insurance company it would come up stolen. But yes if the guy did finance a stolen vehicle the bank would still be owed their money.....if they were dumb enough to not spot a stolen VIN 
Le Mans Master
Joined: Nov 2005
Posts: 5,403
Likes: 31
From: Allentown PA & Elk Twp NJ HPDE Addict
http://www.vmrintl.com/Ref_art/title_fraud.htm
Now, After carefully checking the car over, and making sure the serial numbers match on the title and on the car, you are guaranteed that you own the car and no one else can lay claim to it, right? "Wrong" according to Gary Dickinson who is the security director of ADT Automotive Services, "today in the world of automobile titles there are probably more fraudulent certificates out there than ever before. "Over the past decade or so many states have gone to great measures to try and combat counterfeit titles. Multi-color inks, safety paper, and micro-printing have all been employed in an attempt to defeat
Now, After carefully checking the car over, and making sure the serial numbers match on the title and on the car, you are guaranteed that you own the car and no one else can lay claim to it, right? "Wrong" according to Gary Dickinson who is the security director of ADT Automotive Services, "today in the world of automobile titles there are probably more fraudulent certificates out there than ever before. "Over the past decade or so many states have gone to great measures to try and combat counterfeit titles. Multi-color inks, safety paper, and micro-printing have all been employed in an attempt to defeat
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Top 10 Corvette Engines RANKED by Peak Torque (70+ Years of Muscle!)
Joe Kucinski
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
Burning Brakes
Joined: Dec 2015
Posts: 1,228
Likes: 416
From: Lake of the Ozarks, Missouri
If the buyer registered the vehicle, it is now in his name. End of story...
Unless.... They did not pay off a previous lien and just crossed it into his name. Then, yes it could be repossessed by the original lien holder it it was not paid for.
But.... It would NOT be listed as stolen because it is in the new persons name. Police would look at it as a civil matter.
Unless.... The bank acquired a Replevin, and filed for a writ of attachment and the new buyer refused to cooperate. But this would NOT be theft it would be contempt.
Even with all the hypothetical s, the chances the story is real is VERY slim.....
Unless.... They did not pay off a previous lien and just crossed it into his name. Then, yes it could be repossessed by the original lien holder it it was not paid for.
But.... It would NOT be listed as stolen because it is in the new persons name. Police would look at it as a civil matter.
Unless.... The bank acquired a Replevin, and filed for a writ of attachment and the new buyer refused to cooperate. But this would NOT be theft it would be contempt.
Even with all the hypothetical s, the chances the story is real is VERY slim.....
Melting Slicks
Joined: Aug 2015
Posts: 3,105
Likes: 304
So who reported the vehicle stolen? Certainly it wasn't the seller if it was a stolen vehicle with a forged title.
And if it was the guy from whom the vehicle was stolen, why a year later? Not enough information.....
Shakey
And if it was the guy from whom the vehicle was stolen, why a year later? Not enough information.....
Shakey
Last edited by Shakeydeal; Jun 23, 2016 at 08:50 AM.
Thread Starter
Le Mans Master
Joined: Mar 2004
Posts: 8,700
Likes: 298
From: Ft. Lauderdale Fl
Google:"Broward couple Stuart and Rose Ann Reiss" NBC news.
Drifting
Joined: Jun 2013
Posts: 1,275
Likes: 354
From: Iowa
I really would like more details on this story. Can you provide a link?
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.
The one possibility is the title that was supposedly signed over may have been counterfeit.
Unfortunately the buyer assumes the responsibility of providing a title to place a lien on to the lender. Borrower assumes the loss on this one.
Last edited by Macleod52; Jun 23, 2016 at 09:43 AM.
Pro
Joined: Jul 2007
Posts: 594
Likes: 22
From: St. Louis
Yeah I wouldn't either. I had a bank cashiers check made out to me for a car that ended up being fake. It all seemed a little iffy so I took it to the bank it was from (Bank of America) to see if it was legit. Turned out to be a REALLY good fake. So I sent it on the the Secret Service to try to catch the bastards!