Auto dealer failed to provide title to lender and lender wants to cancel loan. Recourse?

Andrew5329 · 2023-05-09T16:40:33+00:00

I'd generally categorize it as proceeding at risk, according to the DMV website it takes 6-8 weeks for my state to issue a new title after you submit the application, that's an unreasonable wait for the dealership to keep trades on their lot before even listing them for sale.

You can check the title online in most states instantly and see any lienholders, so unless there's some red flag the vehicle is stolen and the person walking into the dealership is an imposter, there's no reason to think the title won't clear.

99% chance someone got lazy and either made an error in the new title docs or forgot to file them.

Andrew5329 · 2023-05-09T15:54:04+00:00

However, I'm yet to find a lender that will offer me a mortgage since my only income currently is my benefits

What are the mortgage brokers actually telling you when you talk to them on the phone?

As far as I can tell SSDI should count as qualifying income, so the denial should be about the size of the mortgage relative to your income. There are hard "Debt to Income Ratios" the lenders are required to comply with. If that's the case the only other option in the short term would be to find a co-borrower like your parents.

Andrew5329 · 2023-05-09T15:44:02+00:00

That's an unusually low rate for an unsecured line of credit.

am I able to use this card for other stuff, like financing other things that typically require loans like a vehicle for example?

Generally no. Most lending terms disallow using credit cards and other borrowed money to make a down payment.

Andrew5329 · 2023-05-09T15:37:21+00:00

Generally a scummy dealer means "signing you up for an irresponsible purchase on terrible terms because you don't know better", not "resell stolen property and say it's not their problem that there's no title".

The former is a shitty business practice. The latter is fraud and a very obvious crime.

Andrew5329 · 2023-05-09T15:23:15+00:00

I mean the car should be registered in the Owner's name. Proving your identity as that person should be enough.

Andrew5329 · 2023-05-09T15:21:54+00:00

Them having somebody else's car and somebody else's paperwork with somebody else's name on it is just theft.

Not quite, there's a lot of fuzzy room in the changeover there. I would definitely say they shouldn't try to flip the car before the title clears, but there are all sorts of things that can cause delays that don't involve stolen property.

Andrew5329 · 2023-05-09T15:19:32+00:00

Never assume malice when something can be explained by incompetence. 99% of those title scenarios are going to be either A) Someone filled out paperwork wrong B) The person at the dealership procrastinated on fixing the paperwork snag and forgot about it.

Andrew5329 · 2023-05-09T15:13:54+00:00

I did 75-90 minutes for four or five years while saving for a house and it was exhausting. I'm down to 30 minutes after I bought a house and at least to me that's a pretty sustainable number.

I wouldn't want to live somewhere that unsafe though. Your 10 minute commute is going to be a lot less convenient when you wake up to find your window smashed or the car missing.

Andrew5329 · 2023-05-09T15:08:05+00:00

There's usually a benefits brochure distributed around the annual enrollment window, you might have something sitting in your email from last Fall with a link to it.

Andrew5329 · 2023-05-09T15:05:02+00:00

Still beats Canada, they offer euthanasia to their disabled veterans instead of buying them the stair lift they asked for.

Andrew5329 · 2023-05-09T15:04:03+00:00

In all seriousness it's a bit apples to oranges comparing combat deaths to all suicides even decades after service. The suicide rate among veterans is 50% higher than the general public, which is bad enough without misrepresentation.

Andrew5329 · 2023-05-09T14:35:45+00:00

Not only was it just one tank, it was an 80+ year old tank lol.

In fairness, that same tank has always lead the parade because it's the model that rolled into Berlin. Reading past the headline they dropped from three tanks in the parade to one.

Andrew5329 · 2023-05-08T21:43:14+00:00

You can get quotes from the ACA exchange, but that's of limited use because there's a sliding scale of income dependant subsidies.

Most people get their insurance through work. My personal coverage is $1420 annually (half of which is a HSA contribution), but my employer's side of the coin is about $10,000.

The share which your employer picks up varies.

Re moving out: you should be able to afford that, but I think you should wait until you find a permanent job after graduation. You'll be graduated in December right? A decent location in your current circumstances might be kind of terrible depending on where you end up getting hired 6 months from now, locking yourself into a year lease doesn't make a ton of sense there.

Andrew5329 · 2023-05-08T21:32:58+00:00

I would rent out bedrooms though.

Whatever you do, don't count on this. Don't commit to anything unless you can pay the entire expense if required.

It's great if you can make it work, but having rented a bedroom to a friend I can say the living arrangement is close enough I wouldn't ever do it with strangers. That friend ended up taking a job on the other side of the country, so in the end I didn't even have the side income for too long.

Andrew5329 · 2023-05-08T21:27:35+00:00

Realistically it's a very bad idea to try before your income improves.

Owning is better in the medium to long term, but in the short term it costs significantly more than renting. Unlike renting, your monthly payment is just the start of your costs. Assuming you managed to find a relatively inexpensive house, your price range means walking into all the last owner's deferred maintenance. You're currently paycheck to paycheck, so how do you replace a water heater? A furnace? Either are at a minimum several thousand dollars out of pocket.

Andrew5329 · 2023-05-08T19:17:46+00:00

what they should study, my answer every single time is Comp Sci

It really depends. Most of the Comp-Sci majors I know work an IT help desk for peanuts. The Google software engineer is not a typical outcome. In that sense, engineering has a lower salary cap, but it's a lot more reliable.

Andrew5329 · 2023-05-08T19:14:29+00:00

So sure, you don't have to deal with the rent going up, at the cost of... paying double the price of rent each month from the get-go.

Right, but rent roughly doubled every 8-10 years on average. You're behind renting in the short term but ownership is a marathon.

Andrew5329 · 2023-05-08T19:10:27+00:00

A lot of HOAs vote to minimize monthly fees, and wind up underfunding long-term communal expenses like the roof or sewer. Then when the sewer line breaks for the complex everyone in the association gets hit with a five-figure assessment due on short notice.

When I bought my realtor was working with a woman selling her condo because she needed to raise funds to pay a surprise $30k assessment.

Andrew5329 · 2023-05-08T15:49:42+00:00

Other people have mentioned that buying a new build would be a good idea so you shouldn’t have to worry about any massive hidden issues that could pop up 6 months after purchasing.

Worth noting is that unless you're having a house built-to-order everything in it is going to be "builder grade" or "contractor grade", which is a fancy way of saying it's the minimum viable product to survive the builder's warranty period of 1-2 years.

Reality is that for most home upgrades you're lucky to get $0.50 on the dollar back at market, so the home construction meta is to put the absolute minimum requirements in to get a certificate of occupancy so they can sell it.

The TLDR of all this, is that as soon as the warranty ends things are going to start falling apart and you'll be hit with unexpected costs. It's kind of surreal to be honest.

Andrew5329 · 2023-05-08T15:25:50+00:00

My car runs on Recycled dinosaurs.

Andrew5329 · 2023-05-08T15:25:24+00:00

Nitpicking, but you gain back less heat than the plant absorbed as every system has losses!

Technically speaking energy is neither consumed nor destroyed, it's simply transferred. My wood stove has an "81%" efficiency rating meaning 81% of the hypothetical heat energy from the wood will make it in to warm my house. Most of the rest of that 100% whole gets drafted up the chimney, and a relatively small fraction is incompletely combusted and exits as smoke

The energy contained in the organic molecules (like creosote) isn't lost. It still exits, it just wasn't extracted in a useful form for me as a homeowner. In the end it will break down from biological and chemical decay and the energy will get released back into the system.

Andrew5329 · 2023-05-08T14:19:53+00:00

That's all just a really funny way of saying that firearms are the suicide method of choice when they're readily available. People without easy access to firearms choose the method at hand to kill themselves.

Case and point, the murder rate in indigenous communities is around the national average. Their suicide rate, and thus "deaths by firearm" is sky high.

Andrew5329 · 2023-05-07T16:16:14+00:00

More realistically we had three years of covid lockdowns and disruptions to productivity.

If you look at US vehicle sales, we averaged about 17 million vehicles a year. Over the last three years we only shipped 14.5, 15, and 13.75 respectively.

That's almost 8 million missing vehicles over the past three years, the population hasn't dropped 17% in three years, so that unmet need is transferred to the used market pushing up prices.

I expect mobile home production/sales saw a similar if not worse impact.

Andrew5329 · 2023-05-07T16:07:11+00:00

The main point is that it's unnecessary, you can buy a medicated shampoo over the counter and it kills lice on contact, and be guaranteed clean after a week with the second application. I suppose you could shave your head and eyebrows to save $10, but that's kind of silly.

They absolutely recommend kids to stay home with active head lice.

See the key word there is "active". After treatment it's no longer considered "active", and if your trip to CVS for shampoo takes longer than the same day you're a failure as a parent.

Andrew5329 · 2023-05-06T17:00:59+00:00

That's a really good comment. Answers 90% of the credit score related threads.

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