Bank made mistake on car loan transaction now wants me to pay - really upset situation?

Answers:2   |   LastUpdateAt:2012-08-22 21:46:02  

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Asked at 2012-08-12 16:22:03
We have a car owned by a distant relative living in the same house. The car was financed under the name Wells Fargo. Now you refinance with a bank savings and loan and put both his and my name on it. The bank approved the loan , we have signed a stack of papers , things went through.

Yesterday they called saying they forgot to put the tax on the car. They said that despite the name of my relative still in the car, but since I added my name to it, is considered a sale, and according to the California DMV regulation, our relationship does not belong to a category for a transfer tax-free vehicle . They say we must pay taxes of $ 1052, either upfront or add it to the car in equity financing.

Suddenly they want $ 1052, we are so unprepared , they have no money to pay. It's out of our plan and everything sucks .

Now that the bank made ​​a mistake , which approved the loan, the documents signed , and because of their approval, we go another large amount of another loan at another bank.

In addition, because of this problem , we also lose about $ 500 car insurance discount group per year ( only car insurance discount status ).

What can we do to fight this credit union. They made a mistake not to disclose the tax for us and not add the tax to the transaction signed. We are very upset and want to fight .


Thank you.
Answer1NuiAnswered at 2012-08-13 17:37:36
It sounds as if the bank or credit union of the leg in the processing of documentation. As the name of the original owner is still in the title, then it should not be considered a sale, and taxes must be paid.

You may have to talk to a lawyer to work this out .
Answer2borgesAnswered at 2012-08-22 21:46:02
read the loan documents
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