AboutMike Weikle Expertise Banking Lender Liability; Insurance Coverage; Consumer Rights; Bank Fraud; Criminal: White
Collar Crime; Fair Debt Collection Practices Act; Directors and Officers Liability
Experience Commissioned National Bank Examiner 7 years; President of Two Community Banks; Division Claims Specialist for American Bankers Association Sponsored Insurance Program; Carter Member of the Bank Fraud Team of the Office of the Comptroler of the Curency "OCC" (National Banjk Examiners); Attorney previously representing FDIC and Resolution Trust Corporation as well as consumers and commercial borrowers in claims against the banking industry; Former Data Processing Systems Examiner for the OCC; Expert Witness on variety of banking issues in both state and federal court.
Education/Credentials Certified Public Accountant;
JD -- West Virginia College of Law - Order of the Coif
Data Processing Training Old Dominion Bank and IBM
Question QUESTION: I don't want to have my truck repossessed but I cannot afford these payments. My payments are a ridiculous amount of 935.00 a month. It is a newer truck Nissan titan 2008 approximately 5000 miles. I wanted to raffle it off for $50-$100 a ticket for the amount I owe any more to a charity. Its not brand new but just as good for someone who normally couldn't afford to buy one to chance it with $50.00. Is it legal and who would I contact to go through he right channels I live in Arizona. I'm trying to be responsible about my loan. Please help. Thank You so much.
ANSWER: What is different with your circumstances since you bought the truck? Why are the payments ridiculous now. Were they not ridiculous when you signed the loan application?
Did you finance 100% or more than 100%?
What percentage of your take-home pay is your truck payment?
I doubt you are going to get that many takers in this economy for $50 raffle tickets, but you might find a charitable group and offer to let them raffle it and keep the balance after pay-off, but they likely won't want to do it.
You really need to have a lawyer in your area advise you about setting up your own raffle when you are not a charity. However, individuals have raffled off their homes without legal problems so long as you are absolutely honest about what you are doing and return the money if the pay-off level is not met.
Is there any equity in the truck?
Maybe you are a victim of predatory lending practices.
I know this is not too helpful, but your options are very limited.
Maybe you can get the lender to take it back and agree to let you off the hook in exchange for you bringing it back voluntarily.
Good Luck!
---------- FOLLOW-UP ----------
QUESTION: Actually my husband went and dealt with the financing and was told what they wanted him to hear. Usually I am there and question every detail. We went back and told them we were not ok with the final papers and wanted our trade back and they said it was to late and Arizona doesn't have a three day contract law. we fought them as much as we could and they were the worst dealership ever. But like most they are con artist and sneaky. He was suppose to end up with a 600 and something payment and ended up with a 900 and something.
Answer You really do need to see if there are any attorneys in your area that can take your case on a contingency basis. Call your State's Attorney General Terry Goddard's Office and ask to speak to their consumer complaints division. They may already be investigating this dealer.
Consumer fraud, as defined by Arizona law, is any deception, false statement, false pretense, false promise or misrepresentation made by a seller or advertiser of merchandise. In addition, concealment, suppression or failure to disclose a material fact may be consumer fraud if it is done with the intent that others rely on such concealment, suppression or nondisclosure. Merchandise may include any objects, wares, goods, commodities, intangibles, real estate or services.
The following is a brief overview of the Consumer Fraud Act. The Act is found at A.R.S.§ 44-1521 through 44-1534. The Attorney General's Office offers this information as a public service but is prohibited by law from giving you legal advice. If you have questions regarding your particular case you might want to contact a private attorney.
The Arizona Attorney General has the authority to bring actions alleging violations of the Consumer Fraud Act. Sometimes the enforcement authority is delegated to County Attorneys. A private citizen can also bring an action for a violation of the Consumer Fraud Act within one year from the date the claim arises.
If you believe you have been the victim of consumer fraud, you should first contact the company in writing and specifically request the relief that you feel is appropriate. You may also file a complaint with the Attorney General's Office.
Phoenix Tucson
OFFICE OF THE ATTORNEY GENERAL
Consumer Information and Complaints
1275 W. Washington
Phoenix, Arizona 85007-2926
602.542.5763
800.352.8431
(outside the Phoenix metro area)
consumerinfo@azag.gov OFFICE OF THE ATTORNEY GENERAL
Consumer Information and Complaints
400 W. Congress
South Building, Suite 315
Tucson, Arizona 85701-1367
520.628.6504
or 800.352.8431
(outside the Tucson metro area)
consumerinfo@azag.gov
You should receive an acknowledgment letter from our office approximately 7-10 days after our office receives your complaint. Because this office receives thousands of complaints per year, not all of them can be fully investigated. Many complaints result in Attorney General enforcement actions against companies or merchants. An enforcement action may sometimes result in civil penalties, attorney's fees and refunds to affected consumers.
The complaint process, by law, is confidential, therefore this office cannot reveal complaints or investigations against a particular company or merchant.
