From: "P. J. Alling"
On 3/12/2010 12:23 PM, Cotty wrote:
> On 12/3/10, John Sessoms, discombobulated, unleashed:
>
>
>> I have an elderly relative, in very poor health, who can no longer drive
>> and I have been tasked to dispose of her automobile& pay the off the
>> loan. I have power of attorney for that transaction.
>>
>> Citizens holds the lien. I found a buyer and obtained a "10 day payoff"
>>
> >from Citizens, which was tendered by the buyer in the form of an
>
>> Official Check from their bank, IAW Citizens instructions.
>>
>> FedEx overnight letter received and signed for by Citizens first thing
>> the next morning.
>>
>> Citizens accepted the payment, but now refuses to release the lien or to
>> return the payment.
>>
>> I'm possibly going to have to reimburse the buyer out of my own pocket
>> and sue Citizens to recover.
>>
>> I just had to have somewhere to let my feelings out. I spent the day
>> yesterday driving up to see my relative who was hospitalized just about
>> the same time I was posting on Wednesday.
>>
>> I no longer have steam coming out of my ears this morning, although I'm
>> still mad as hell. My blood pressure is up again just in the time it
>> takes to write this.
>>
> Not very sporting of them.
>
> If I had to do same over here, I would just sell the car, get the
> payment, ring up the car loan lender, as for a settlement figure,
> transfer the money, job done.
>
> I know nothing is ever that easy, but I have an inbuilt distrust of
> corporate finance and always hedge my bets with them....
No intellegent buyer will purchase a car without clear title. Without
the bank's consent there is no clear title. However the actions of this
particular finance company strikes me as being akin to fraud. Perhaps
sending the particulars to the State's Attorney General might be in order.
Indeed.
I can't "just sell the car." The loan has to be paid in order for the
buyer to obtain a clear title.
That's why I asked the buyer to use his bank to send an official check
to Citizens. I received the balance in cash ... approximately $20, which
is less than 1/10 my out of pocket expenses so far. I signed the bill of
sale for my relative. Because of that, I have legal, contractual and
MORAL obligations to the buyer.
I am the closest surviving blood relative, and it's family. You do what
you gotta do for family.
We initiated the transaction via a conference call involving the the
buyer, the buyer's bank & myself on the one hand and Citizens on the
other. Citizens stated a payoff amount good for 10 days from the date of
the conference call.
Citizens told us where to send the payment, and what to do to expedite
return of the title with the lien released. We followed Citizens
instructions.
Payment was tendered and received by Citizens within less than 24 hours.
The buyer's bank verified with FedEx that the overnight envelope was
delivered and signed for. Citizens admits receiving the payment.
The buyer's bank sent the Official Check using their own FedEx account
and provided a pre-paid, pre-addressed FedEx envelope for Citizens to
return the title to the buyer's bank with the lien canceled. I hoped
that would reduce the time required to get the title to the buyer.
NC DMV told the buyer not to take physical possession until the title
was returned and I signed it over as my relatives' agent(POA). That's
why I asked the buyer's bank to handle the transaction, and have the
title sent to them as a courtesy to provide additional assurance of my
bona fides to the buyer.
I started putting together formal complaints right after venting my
spleen on Wednesday. I submitted them today, by FAX and by US Mail.
In addition to the Attorney General's Consumer Protection Office, Rhode
Island has a Department of Business Regulation Division of Banking. I
submitted a concurrent complaint to them.
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