Re: No legal claim to repossess

Let me see if I have this straight. You bought a vehicle and used one bank to finance it. Somehow another bank executed a lien satisfaction (which may or may not have been valid). You transferred title to the vehicle without inserting the lienholder you were legally obligated to place on the title. You have not paid off the lien/lienholder but somehow have managed to get a "clear" title and have subsequently devised the lien collateral (the car) and put the value in your pocket. And now you want advice on how to pull the off this fraud full circle?

You borrowed money against a vehicle. The contract you signed stated that you agreed to identify the lienholder as such on the title wherever and whenever titled. No, if ands or buts. Someone may have made a mistake in releasing the title/lien to you in the wrong form or manner. But you perpetrated a fraud when you 1) titled the vehicle without naming the lienholder, and 2) sold the vehicle without paying off the debt.

There may be interfering facts, such as where there was a harmless error on the part of the assignee, or where the dealer applied for a duplicate title and signed your name rather than signed as your agent. But none of that relieves your obligation on the debt, only on the potential security interest the lienholder has in the vehicle.

Not only does the lienholder have potential claims against you (both civil and criminal), but the purchaser of the car can file civil and criminal complaints against you also. The only innocent party here is the poor sap who ended up with your car after purchasing it from the trade-in dealer. Who will have to prove s/he was a bona fide purchaser for value.

I would suggest you do two things: 1) pay off the original loan right away, and 2) speak with a criminal attorney who practices near where you live. Oh yeah, you should also pray that even after doing the above no one files criminal charges against you.

Now I may have gotten something wrong from your original question, but I don't thinks so.

Regards.

Re: No legal claim to repossess

I am not sure i understand the facts, specifically, who traded the vehicle on 8/1? Capital or You?

Was Chase the valid assignee of Capital and did you pay them for the lien satisfaction?

Which dealer forged your signature, Abat or the original dealer?

Simply because a clerk in PA allowed you to transfer title to a vehicle with a perfected security interest, does not remove your obligation or the security interest. That is the whole purpose of the security, and it can invalidate subsequent transfers.

If the original dealer, are you sure the signature is forged, and not a valid duplicate title? Something about this question is not clear and if you wish to get an answer, you have to clarify the question. If you need an Attorney in the New York area, email me with more details.