CARTITLE.com

Alert: American Car Center Titles Being Claimed By Consumers

  • 3 min read

Fortune Magazine recently highlighted a staggering issue: a subprime auto lender’s collapse. Their customers face a dire challenge: obtaining their car titles after the dealership shuts down. This situation arises from buy-here-pay-here deals where buyers paid the dealer directly, yet the dealer’s closure before the final title handover leaves countless buyers in the lurch.

The Dealer and Its Impact: The troubled dealer, American Car Center, ceased operations, canceling a hefty $222 million bond sale and leaving 288 employees jobless. With 40 dealerships across 10 states, this collapse signifies potential chaos. Each month, an estimated 1,600 cars per dealership hit the streets without titles. This jeopardy affects an approximate 20,000 buyers annually, showcasing the gravity of the problem.

Risks Amplified: The numbers escalate‚ÄĒpotentially 50,000 or even 100,000 cars might lack proper titles due to this dealership’s closure. Buyers who’ve paid six to eight months’ worth of installments face an imminent threat to their titles. The looming question is: How can they secure their titles amidst the chaos and closure?

Seeking Solutions Amidst Closure: Immediate legal counsel becomes imperative for affected buyers. Filing for a court order title or a magistrate title, also known as a civil lien, stands as a crucial step. Early initiation of this process holds paramount importance, given the diminishing availability of restitution funds as the dealership’s contributions are depleted.

Urgent Actions for Protection: Customers of American Car Center or any shuttered dealership in a similar predicament must swiftly pursue legal recourse. Filing for a magistrate or civil lien title can avert potential losses due to title complications or unreleased liens. The urgency is vital, considering the abrupt closure of the dealership, leaving no avenues for title resolution.

Impending Fallout: The abrupt termination of all 288 employees signals an immediate cessation of title-related services. With no staff available to facilitate paperwork or title transfers, customers face an ominous reality. The window for securing titles rapidly closes, jeopardizing the value of payments made towards the vehicles.

Immediate Action for Protection: For those affected by such dealership closures, taking proactive steps to secure a court order title or similar legal recourse is critical. The impending chaos of unresolved titles and lien releases demands swift action to prevent significant financial losses.

The article highlights the critical need for swift action by buyers affected by the closure of dealerships like American Car Center, emphasizing the urgency of securing legal resolutions to safeguard their investments and avoid potential losses.

Leave a Reply

Your email address will not be published. Required fields are marked *