Bought new ATV only to find out it has been reported stolen
#21
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BIG Surprise for me, I sent a letter to the guy that sold me the ATV and informed him the Detective said him making restitution to me could reflect his involvement in the case. The Detective also told him this and that, by law, he is obligated to return my money due to the fact he sold something that wasn't legally his. FedEx just showed up with a Cashiers check made out to me in the amount I paid for it.
The person I bought it from said the Detective is basically saying he is guilty and has an appointment with him today to discus his involvement and show the Detective his paper trail and bill of sale he got when he purchased it. This Detective is getting to the bottom of things.
Funny thing, I found out last night my ex wifes husband knows the Detective personally. I guess that help me recoup my money. Strangely enough my ex wife's husband(a cop) get along real well.
The person I bought it from said the Detective is basically saying he is guilty and has an appointment with him today to discus his involvement and show the Detective his paper trail and bill of sale he got when he purchased it. This Detective is getting to the bottom of things.
Funny thing, I found out last night my ex wifes husband knows the Detective personally. I guess that help me recoup my money. Strangely enough my ex wife's husband(a cop) get along real well.
#22
#24
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"What happens if you buy a used ATV with the title, but the ATV was not paid off? How would you know the guy does not owe thousands and the Bank will not haul it away one day."
If there is a loan against the vehicle, the bank--not the driver/rider (aka registered owner)--would possess the title. You and the registered owner would need to go to the bank together, pay the bank their loan balance, and any excess of that amount up to the sale price to the registered owner. The bank signs the title and hands it to you; you turn it in to your state title-issuing agency, who then issues a new title in your name, listing you as both the legal and registered owner.
If there is a loan against the vehicle, the bank--not the driver/rider (aka registered owner)--would possess the title. You and the registered owner would need to go to the bank together, pay the bank their loan balance, and any excess of that amount up to the sale price to the registered owner. The bank signs the title and hands it to you; you turn it in to your state title-issuing agency, who then issues a new title in your name, listing you as both the legal and registered owner.
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