AboutJeremy Beck Expertise I can answer any question as it relates to the purchase or lease of a new or pre-owned vehicle. I can give you advice in purchasing from a franchised dealer or private party. Buying a vehicle can be a very difficult and frustrating experience, but it doesn't have to. Know before you Go! Let me help you with any of your questions.
Experience I have been in the automotive business for 10 years. I have held every position from salesperson, Finance Manager, New Sales Manager, Used Car Sales Manager, Finance Director, and Director of Sales and Finance. I graduated from the University of Texas with a major in Business Administration, and have held many sales jobs in the automotive sector. I am a member of the Association of Finance and Insurance Professionals (AFIP). I have also been trained by some of the best schools in the business including JM&A, Ethos, VT/AIG, Inc, and various others.
Question Jeremy,
I live in MO. I bought a car and paid cash for that car. I have the title in my name for that same car.
Now the person who I bought the car from is filing bankruptcy. He or the creditors are now trying to take that care back from me. What do I do? Does the car belong to me or to him?
Answer Alberto,
Thanks for your question. If you have the title, you are the owner, UNLESS the owner had a lien on the vehicle and did not pay it off. If that is the case, then the seller broke FEDERAL LAW, and should have charges against him. I would talk to his creditors and explain that you purchased the vehicle from him for cash, hopefully you have documents to back that up, a cleared check, etc, and ask if the seller had a lien on the car that they did not pay off.
The car should legally belong to you, unless the above scenario has played out, and then the seller is in a whole lot more trouble than just filing bankruptcy.
