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 have a loan out on an ATV for about $5,800 and my question is what would happen if I stop paying on it? I have excellent credit and hate to do this but this is my situation. After I bought the ATV it was discoverd stolen by detectives. I had no part in this and the detectives knew I was innocent but they took the atv from me so I have been paying on this and I don't even have the machine anymore. I find this very unfare for the fact I was able to insure it, registure it in my state, and get a loan for it. All of the above required the vin # and it never came back stolen. Please let me know what would happen if I walked from the loan.
Sincerely,
Tom
ANSWER: How did you purchase the ATV? From a dealer or individual. How was financing arranged? What state are you located? There may be some protection for you, however, I will need these questions answered first.
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QUESTION: Mike,
I live in Minnesota. I met the individual (who is the crook) at a location that was the midway point from our houses. I gave him cash that I borrowed from my parents and then went to my credit union to borrow the $ to pay my parents back. The reason the atv was discovered by the detectives was because I put it up for sale because I was not using it and they saw it on Craigs List. I thought I had a buyer for it but when these potential buyers showed up at my house they were actually detectives and they took my atv for evidence and pretty much told me I would not get it back. Any suggestions will be greatly appreciated.
Thank you,
Tom
Answer Hi Tom,
The credit union can still require you to pay for the ATV since they were not involved in the purchase.
Your may have recourse to recover the ATV under Minnesota law if you qualify as a bona fide purchaser for value who purchased the ATV without notice of any problem with the transferor's ownership rights. You will need to check with a Minnesota lawyer for more information.
