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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 11658
Experience:  25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
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I have a different, unrelated question. When we first started

Resolved Question:

I have a different, unrelated question. When we first started doing business last year, we did a few financed auto deals before we got our Texas dealer's finance license ( I think we are allowed to do six unlicensed deals in a calendar year). So we just used a bill of sale that had a little finance area on it, not any official finance contract like we use today. I found out one of the deals we had out there, they don't have full insurance coverage nor do they have us listed as lienholder. Do I have any recourse on this note to try and get them to insure it and list us as lienholder? Is there some prevailing contract law (Texas) that governs over the general terms of financed auto loans that might help me here since I didn't use an official state approved contract? Thanks!
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Andrea, Esq. replied 1 year ago.
Hi, again and thank you for the "Excellent Service" rating and the Bonus, I appreciate both greatly.


Q. Did you indicate in the "Finance area" of the bill of sale that the buyer had to have full coverage and to list you as the lienholder ?

Q. By "full coverage" do you mean collision insurance ?


Thank you,


Customer: replied 1 year ago.

You are most welcome I appreciate the help!


 


No, the finance area was literally a little block of information stating the interest rate, the total interest to be paid, the number of payments and payment amount. We were using a little online dealer program and that was all they had to use that we could find. I had a separate sheet I usually have them sign, stating they need "personal injury protection, property damage liability and bodily injury liability (where required), but somehow it is unsigned. I was so unorganized back then.

Expert:  Andrea, Esq. replied 1 year ago.
Hi, Chris, No sense in beating yourself up, it's water under the bridge,

There is nothing the Texas Statutes that would require the buyer to list the dealer or other seller as a lienholder and the only insurance requirement in the Statutes is liability insurance.

I do not like bluffing because it often comes back to haunt you, but in this instance, you might have to. Notify him in writing that he has no insurance and include something like this,

"...As you know, as a condition of our financing your vehicle purchase, you were required to maintain in full force and effect, full coverage of the vehicle you purchased and were required to submit evidence of such coverage each period to us. You were also required to list us as lienholder on your certificate of title. We have conducted an audit of all our accounts and it has come to our attention that you do not have insurance and we are not listed as lienhlder. This is an event of default for which we can repossess the vehicle. We would prefer to amicably resolve the problem, but cannot do so without your active participation. If you wish to avoid repossession, you must submit evidence of full coverage automobile insurance which should include liability and collision insurance and present your Certificate of Title with our name thereon as first lienholder......."

Other than that, there really isn't anything that you can do to force him or her to get collision insurance. I wish there was something else I could offer as an option, but there isn't, so please do not hold this against me,

If you have questions in the future, please feel free to ask for me by typing my name at the beginning of your question, like this,

"For Andrea .........."


____________________________________________________________________


 

Please be kind enough to rate "Excellent Service" so that I receive credit

for assisting you,

 

 

Bonus and Positive Feedback on survey is very much appreciated,

 

 

 

Thank you for allowing me the opportunity to be of assistance,

 

 

ANDREA



Andrea, Esq., Lawyer
Satisfied Customers: 11658
Experience: 25 yrs. of experience in employment law, real estate and business law, family law, criminal defense and immigration.
Andrea, Esq. and 12 other Consumer Protection Law Specialists are ready to help you
Customer: replied 1 year ago.

Well I do have the original title with us as lienholder, in the state of Texas, the lienholder holds the title until the note is paid of (I'm not sure how other states handle it). I'm with you on the bluff part, I don't like saying or doing something I can't or won't back up. She does have liability insurance, as it is required by the state of Texas to drive a motor vehicle. OK on to plan B, they were late on their last payment, I'll just wait it out and be very proactive if they are late this month. Then I can have them to sign new papers as part of the redemption, that would solve my problem. Thank you very much for your time and honest answers.

Expert:  Andrea, Esq. replied 1 year ago.
Hi, Chris,

I feel exactly as you do on bluffing. All states have a requirement for what is called, "Financial Responsibility" which is the liability part of automobile insurance. Fortunately, you are holding the title, that will give you substantial leverage; I was afraid that you might not be holding it. Since you are holding the title, they will have no choice, but to getcollision insurance and to put you on the title as first lienholder. Please be kind enough to rate "Excellent Service" so that I can receive credit for assisting you, otherwise I do not receive any credit at all,

_____________________________________________________________________

Please be kind enough to rate "Excellent Service" so that I receive credit

for assisting you,

 

 

Bonus and Positive Feedback on survey is very much appreciated,

 

 

 

Thank you for allowing me the opportunity to be of assistance,

 

 

ANDREA



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