Forged signatures on auto loan? - The Hull Truth - Boating and ...

Yesterday, 10:23 PM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	Maybe someone can help ease my mind. My wife and I bought a truck in NJ 21 days ago. We live in PA. My concerns are that we signed paperwork with bank "A" but just received our first months payment from another bank, I will call "B." I'm not very familiar with NJ law and I did sign a limited power of attorney for title transfer. Is it possible they forged my signature on bank B's contract? The finance contract I have clearly states bank A. How else could they process my wife and I with a different bank without our consent? Is there any way I can find ou for sure? It appears the payment is the same for both banks. What gives? Do I have any legal action? Someone with knowledge please chime in! __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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Yesterday, 10:29 PM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	I've never heard of that on a auto loan. Maybe it's possible? We are talking about 2 well known banks in the North East. Neither have anything to do with each other, based on light research. __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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Yesterday, 10:40 PM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	Yes bank A does business in my state. I read and re read my contract. It doesn't state anything, anywhere about selling the loan. I suppose if I call either bank I could get the scoop if in fact it was sold. My mortgage has been sold many times, but in all the auto loans I've had I've never seen it. __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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Yesterday, 10:56 PM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	Quote: My guess is they just sent the info to the wrong place. They use many banks. I'm playing devils advocate here and I'm not trying to argue, however how could bank B accept a contract for bank A?!? I can't imagine the terms and contracts being the same. I'm leaning the side of foul play. Tomorrow I will find out for sure when I call B. __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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Yesterday, 11:27 PM
? Join Date: Mar 2008 Location: Seattle, WA Posts: 310	Interesting. Out here (west coast) the standard LAW 553 auto sales contract states the terms, but does not specify the lienholder. The F&I is free to assign the contract to whoever they desire. __________________ Marine Insurance Guru I'm always right- and if I want your opinion, I'll give it to you 1989 52' PT Overseas Yachtfisher
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Today, 06:24 AM
Senior Member ? Join Date: Oct 2002 Location: JAX FL Posts: 986	Did you get the loan through the dealer? Read the app again it probably allows the dealer to shop and chose the lender. If this is a big concern you are probably better off getting financing outside a dealer.
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Today, 06:45 AM
Senior Member ? Join Date: Nov 2008 Location: Somewhere in the middle of Michigan Posts: 2,897	Quote: I did sign a limited power of attorney for title transfer. Have you carefully read that limited power of attorney document you signed? If not, it may answer your questions.
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Today, 06:58 AM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	Quote: Have you carefully read that limited power of attorney document you signed? If not, it may answer your questions. I did. It basically stated it was for title and registration corrections. It mentioned nothing about a bank contract. __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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Today, 07:01 AM
Senior Member ? Join Date: Aug 2010 Location: Pennsylvania Posts: 1,244	Quote: I think they just found a different finance company to give them a bigger kickback than the one they told you about. Now if you get two institutions looking for the same payment.... There was a good size car dealer in South Jersey that was pulling all kinds of crap like that until he went to jail.. Shore Motors in Marmora This is what I am afraid of. I had sold cars years ago. I recall customers returning every so often to re sign with a different lender. Often times it was because the dealer was over the LTV value or the lender requested stipulations like proof of income that couldn't be verified. To my recollection that dealer wouldn't or couldn't just submit a different lenders contract. Hence my confusion. __________________ Beware the lollipop of mediocrity, lick it once and you'll suck forever!
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