Hi, thanks for your inquiry! I have been practicing Consumer Protection law for 17+ years and have specific experience with issues like yours.

My name isXXXXX and I have been a stage 4 (highest) professional lawyer with the Company for nearly 4 years, and enjoy giving top notch answers to all of my customers. While I am unable to represent you or give you specific legal advise, I can provide you with legal information you may wish to consider and review so that when you do consult with an attorney in your jurisdiction, you have a basis of knowledge.



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That all being said, with regard to your post:


I recently did a voluntary respossession on a RV with Wells Fargo. I purchased the RV new, from a dealer. It was title and financed as a 2007. The RV was built on a 2006 Ford chasis, but the design and model was a 2007. Wells Fargo has since let it go to auction on crankyape.com and the auction site has it listed as a 2006. I called the auction site and they said they could do nothing because it they base it off the chasis. I called Wells Fargo and they said if the chasis said 2006 then that is what they have to go by. I questioned why they lent money based on it being a 2007 and titled as so. My concern is that a 2006 is going to get less than a 2007 at auction, so what recourse do I have when they come after me for the balance of the loan?

First, I'd learn (via some research) what is accurate/practice in the industry(ies). For instance, is it only auction industry where they go by the chasis year? But not dealer or retail sales? If that is the case, then the auction is not necessarily doing anything actionable, nor did the dealer when it priced it, if that is how vehicles are priced in dealer industry.

However, if BOTH industries generally practice that which the auction is doing - i.e. considering it a 2006 vehicle although some parts are 2007, because the chasis is 2006, then it could be that your dealer was incorrect in listing it and selling it as 2007 rather than the 2006 it really is. One could argue that it falsely advertised it as a 2007, you thought you were buying a 2007, but the chasis was, unbeknownst to you, a 2006. Keep in mind, the bank may likely have no liability here: If it was told it was a 2007, and you asked them to loan you money so you could buy a 2007, they only did as asked. You made a contract with the seller. You asked the bank to loan you X dollars because that is what you requested, and you got that money - you gave it to the seller. It is the party, the seller, that mis-advertised the vehicle, on whose mis-advertisement/statements you relied on, that may be liable for that difference.

THus, with regard to your question:

what recourse do I have when they come after me for the balance of the loan? - You are, as of now, obligated under your contract, so you will be liable for that balance. Prepare yourself. However, you may be able to sue the dealer/seller if it misrepresented that vehicle as a 2007, knowing you'd rely on that date when deciding your willingness to pay X amount for that vehicle. Now, normally, if a party breaches a contract like your dealer may have, there is a 3 year statute of limitations on that contract, which likely expired already. However, when there is Fraud, the statute of limitation is 3 years from the date the fraud was discovered, so that may mean that you CAN sue the dealer for fraud, if you find it did in fact commit fraud when selling it to you as a 2007 rather than a 2006. You can research the blue book value of a 2006 and a 2007, and sue for the difference from the seller.

Hope this helps!

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