Lender is Holding Vehicles, Investigating Loans Following Drug Arrest, Forfeiture
My question involves criminal law for the state of: California
Hi. Last month I was indicted on 3 charges. 2 of them being marijuana related and 1 of them regarding assett forfeiture, on the day of my arrest the DEA decided to take all of of our cars! The search warrant and arrest warrant involved did not allow for seizure of any vehicles so I simply assumed it was to become a civil matter. Anyways, half of these vehicles taken were under finance with local lenders and had almost no equity. Today I was happy to notice that my local bank had gotten 2 of my cars back into there possession. The government evedently realized that there was no value in siezing them And returned them to the lienholder on title. I am current with all payments and have never been late a day in my life. Both vehicle have been financed through the bank approx 12 months ago and all payment have been made on time. So just as I am getting excited to actually get my cars back the bank tells me that they need approx 30 days to investigate my loans against the vehicles to determine if the loans were obtained using false financials and what not and if so apparently I will not get my vehicles back. Do they have the right to do this? Do they have the right to legally keep my vehicles even if all my payments are current just because they suspect the loans were illegally obtained! I am now assuming this is a civil matter between myself and the bank. Please help me as time is of the essence. I have worked hard to pay for these cars. The dea has given Them back and now the lienholder is trying to act as the law and control them. What legal rights do I have being the registered owner and paying ontime with all my payments.
Re: Dea Arrest and Assett Forfeiture 7 Vehicles Siezed
If the lender determines that you made false statements to obtain your loan, then yes, they can cancel the loan and reposes the vehicles. Your only option to get the cars back immediately is to pay the outstanding loan amount in full. The only other option is to contest their claim that you falsified your loan contract in civil court.
Re: Dea Arrest and Assett Forfeiture 7 Vehicles Siezed
In the meantime while they are reviewing everything, should I not have the vehicle in my possession since I am current on all the payments?
Also even if they determine that the loans were issued a year ago with false documents does that give them right to reposses? Remember the bank is not the law, just because they assume something should not give them right to take an assett without a court order (court find me guilty). For example. If I had a $20,000 auto loan on a 3 year note and I paid every payment on time and my balance was now at $2,000 then the bank reposses the car because false documents sells it at auction or what not for let's say $5,000. I've already paid $18,000 toward the car and I know it could have sold by me for at least $10,000 and profit.
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Or let's assume this. Bank auto loan originally $50,000. The bank reposses the vehicle 1 year later while the balance is at $40,000. The reason for reposseion is that loan was obtained with false document (however loan is not in default and all payments have been made on time). No of the car were in my possession I know that I could sell the vehicle for $40,000 and pay off the loan and owe nothing, but in there possession they sell it for 30,000 and claim I still
Owe them 10,000. Would they have the right to wholesale the car and bill me for the difference?
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Do they have the right to keep my vehicles for let's say 30 days WHIlLE they investigate and determine this? I believe that there should be some kind of law that allows me to have immediate possession of the vehicle and then if after they determine this information then they could come get it back. Would this make more sense
Re: Dea Arrest and Assett Forfeiture 7 Vehicles Siezed
Tell 'em to keep the car and the payments and you will go get another. Had that happen to a friends sister and she told the bank to drop the car off by close of business that day or keep it forever and dont ever contact her again!
They didn't drop it off, but they did tell her to come and get it that day....
Re: Lender is Holding Vehicles, Investigating Loans Following Drug Arrest, Forfeiture
As OP almost had the cars seized for recreational activities, it is understandable the bank wants to asses their security interests.