Does this constitute Bank Fraud? What can I do?

I purchased a vehicle through Nissan Motor Acceptance Corporation but with a very high interest rate. I went to a personal %26quot;small%26quot; bank in my city and myself, along with a co-signer, was able to get a loan (much lower interest rate) to pay off the vehicle through NMAC. Instead of sending the new bank the title, they sent me the title, clear, with no lien holders. Months later, I traded the vehicle for something else. Now the bank is saying that I sold their collateral and states I committed bank fraud. What can they do and what options do I have?

Does this constitute Bank Fraud? What can I do?

You need to pay off that loan asap, or they will probably sue you. You knew you had a loan with them and you knew there should have been a lien against the title. You shouldn't have traded that car in without paying off the loan to them or refinancing it into your new vehicle's loan or payoff or whatever.

Does this constitute Bank Fraud? What can I do?

If you didn't pay off the remainder of the loan you are in trouble. You need to pay them off or you could face fines and jail time as you commited fraud.

Does this constitute Bank Fraud? What can I do?

the best thing is to turn yourself in like now then at least it doesnt look bad i had the same thing happen with a credit card! ouch!

Does this constitute Bank Fraud? What can I do?

Yep, you're guilty.

You knew you didn't own the car. Why would you do that?

You can reach an agreement with the bank and you should do that pronto. You owe the money and will have to pay it and should expect to put something up as security. Maybe your new car or your home.

If I were them I'd prosecute you if you don't do precisely what we want.

Bank fraud is a felony, and it's the type of felony that will prevent you from ever getting another job.

Does this constitute Bank Fraud? What can I do?

Pay the bank what you owe. The fact that you held the title is incidental and not material to the fact that you promised to pay the bank for the money they lent you. You could gace the bank in court. You'll lose.

Does this constitute Bank Fraud? What can I do?

You have a serious problem, best bet is to try and work something out with the bank if they will work with you

You can try and offer the title to your current car as collateral on the loan, if they refuse then they can call in the loan, either you will have to pay it off, offer suitable collateral

Bank fraud is a felony, convicted of a felony, you will never be allowed to vote again, it will be on your record for ever follow you to every job you ever apply for and bar you from certain jobs

you need to get this thing cleaned up

Does this constitute Bank Fraud? What can I do?

If you live in Missouri, whoever holds the title with no lien holders owns the car. However, you and a co-signer obtained a bank loan which must be payed off, or you can let the bank hold your title to the car you bought or some other collateral they like, and you can arrange payments with the bank. The thing is, go to them, don't make them think you are a deadbeat and come after you first. They can go after the co-signer, too and make them angry with you for getting them into trouble.

Does this constitute Bank Fraud? What can I do?

sux for you

Does this constitute Bank Fraud? What can I do?

Yes it does, get a lawyer you had no right to sell the car , talk to them and work something out and Good Luck

Does this constitute Bank Fraud? What can I do?

If you sold the vehicle and did not pay off your note? Then yes you committed fraud. It's against the law to sell anything that has a lien on it and not pay off the loan. Even if there was no lien, you are still responsible for the amount due.

You should have taken the title to your bank as soon as you received it so they could place a lien on it.

Get in touch with the bank as soon as possible and make arrangements to pay this money back. They can sue you and file criminal charges if you do not take care of this. What you did is a felony.

Does this constitute Bank Fraud? What can I do?

They will press charges and you will be arrested.

I strongly suggest you to sell your new car and pay the bank the entire loan at once.