Alert: Consumers Clamoring for American Car Center Titles – What You Need to Know
Download MP3Title: Alert: Consumers Clamoring for American Car Center Titles – What You Need to Know
Summary:
- The Crisis: American Car Center, a major auto dealership, has closed its doors, leaving thousands of customers without car titles after paying off their loans. This is a growing problem for buyers who relied on buy here, pay here financing.
- How It Happens: Customers who made payments directly to the dealership are entitled to their titles once the full loan is paid off. But when the dealer goes out of business, these titles are often never issued.
- Scope of the Problem:
- With 40 dealerships across 10 states, American Car Center sold thousands of cars. Now, up to 100,000 vehicles may be at risk of title issues, with buyers unable to get their titles after making full payments.
- What You Can Do if You’re Affected:
- Take Action Immediately:
- Seek legal advice and contact an attorney for guidance.
- File for a court order title, magistrate title, or civil lien title—a legal process that allows you to claim ownership of the car.
- Check with your state’s titling division to see if a victim’s restitution fund is available for assistance.
- Why Timing is Critical: Start the process right away to avoid complications. States may have limited funds available to help, so being early in line is important.
- Take Action Immediately:
- The Impact: With all employees at American Car Center laid off and operations shut down, customers face further delays in retrieving their titles. It’s crucial to act fast to prevent losing out on the car and payments made.
Key Takeaway:
- If you're affected by the closure of American Car Center or any dealer that goes out of business, take swift legal action to protect your rights and secure your car’s title.
Listen to the full episode for more details on how to navigate this issue and protect your purchase.
