MY QUESTION IS I AM AN INVESTOR WITH ATM AUTO SALES. I HAVE ABOUT $150,000INVESTED NOW. i HAVE BEEN OWED $24,443.00 BY THEM SINCE LAST NOVEMBER THEY HAVE BEEN HEMMING AND HAWING, i DECIDED TO PULL OUT OF THE BUSINESS WITH MY MONEY OF COURSE AND IN STUDING atm I FOUNLD THAT THEY HAVE BEEN SELLING CARS WITHOUT A LISCENSE, THE LISCENSE BECAME INVALID LAST SEPTEMBER AND THE DMW STATES THE BUSUINESS IS C LOSED...WHICH IT IS NOT. HOW DOES THIS EFFECT ME.
Hi, Welcome to JustAnswerMy name is XXXXX XXXXX X would be glad to help
1. Did you lend the money, or did you invest it ? 2. What were you given to evidece your loan or investment ? I may have a few more questions, depending on your answers to the above, Thank you, ANDREA
I AM THE LENDER ON 13 AUTO'S AND THER CLIENT MAKES PAYMENTS TO ME.
IF THE VEHICLE WAS REPOSESSED ATM WOULD PAY ME OFF FOR MY PORTION OF THE AUTO, RECENTLY THEY HAVE BEEN GIVING ME TROUBLE AND SAYING THEY WILL PAY ME IN TIME. i HOLD THE PINK SLIPS TO THE B=VEHICLES
If I understand you correctly, you finance the purchases made by their customers, correct ? If this is the case and you hold the pink slips, you are actually lending the purchase money to their buyers, correct ?ANDREA,41044.213983912
The agreement was and is 75%/25% i am the 75%... i purchased 75% of the car.
Does atm's not being lisensed to sell cars by the department of motor vehicles play into this his dealers license became invalid 9/11/11 and per the department of motor vehicles the business closed its door the same day 9/11/11 and as of today it is very much open and selling cars.
If they no longer have a license and they are still selling verhicles, they are doing so illegally. You will have to determine in what capacity you invested your money. Either way, you should go after them for your money immediately. I cannot say what kind of difficulty they are in, whether their license to sell vehicles was suspended or revoked, but right now, they are operating illegally and you want to be as far removed from that illegal activity as possible. That is why your only recourse is to call the money a "loan" and sue them for the money California Vehicle Code Section 11700 provides as follows: 11700. No person shall act as a dealer, remanufacturer,manufacturer, or transporter, or as a manufacturer branch,remanufacturer branch, distributor, or distributor branch, withouthaving first been issued a license as required in Section 11701 ortemporary permit issued by the department, except that, when thelicense or temporary permit has been canceled, suspended, or revokedor has expired, any vehicle in the dealer's inventory and owned bythe dealer when the dealer ceased to be licensed may be sold atwholesale to a licensed dealer. The former licensee shall give thepurchasing dealer a statement of facts stating that the seller is nota licensed dealer. Any vehicle on consignment with the dealer whenthe dealer ceased to be licensed shall be returned to the consignor.Any vehicle in the dealer's possession, but not owned by the dealerand not on consignment when the dealer ceased to be licensed, shallbe returned to the owner of the vehicle.
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