Similar thing happened with MotoRex and around 10-15 GTRs a few years back.
My friend listed his car on Ebay after owning it for 2 years, police and the CT DMV showed up to his house and took the car. Even though he owned it and had a title. It was one of the original cars reported stolen. It took him 8 months to eventually get the car back.. but it was a large stress.

 

I've heard many stories of people WITH title in hand loosing their cars to some fraudulent doings. There is something called Title insurance that you pay just in case something like this happens.

Who ever walked off with all this money can't just hide!
12 Million dollars just doesn't disappear!

I was wondering why I saw sooo many fire sale lambo's.

 

So again this is different then buying gizmos from the back of a truck...The DMV is setup to deal with a licensed dealer and protect the consumer. I'm telling you in FL it doesn't matter if they were stolen....If the car was somehow sold to someone in GOOD FAITH (buyer paid, got proof, had no idea of scam) from a licensed dealer then the bank could go after the dealer not the consumer.

The FL DMV will issue the consumer a new title if bill of sale, proof of payment, dealer signed off on sale. Bank goes after insurance of dealer. Motorex is a different situation, the car wasn't seized by DMV but by Department of Homeland security. Everything was a lie in there world. R33 only passed testing and they brought R32, R33, R34....many problems there. Eventually DOT signed off on all of the people involved in that situation.

 

If I bought one of these and found out they were going to try and get the car back I would just keep it in a storage unit and drive it when I wanted to. I would put a unregistered plate on it (or a second plate from one of my other cars) and drive it around when I wanted to.

Reason for the above is I bet this will take some time to play out and I will be damned if I could not enjoy the car in the meantime.

 

There is no enjoyment from driving around a car thinking your going to get pulled over and hauled off to jail.

 

I'd love to hear the details of these "Many Stories". Once you have a signed title in hand you're free and clear.

 

Not true what so ever. There have been cases of banks accidentally sending out the pink slip to the driver and not the lean holder, then the driver sells the car quickly. There was a huge ring of indians who bought cars under a fraudulent leasing company in which I myself was involved with. I've heard on LamoPower that one guy with the Black Lambo had his car taken from him while out for a ride. I think the seller is a sponsor on this forum so I won't say much about that. IN SHORT.....The "dealer" sold him a car that wasn't clear of payment from the previous owner. Some judge ordered the car back and that was that. Title in hand means little it seems these days. Now hearing about a possible VW repo, there is nothing safe these days.

 

Looks like a huge mess to me!

 

guys,
my thin understanding of the law is that ignorance and/or good faith does not matter if you buy something that is later proven to be stolen, all that it does is save you going to jail if you can prove you were unaware of the crime. this includes cars.
having a title makes no difference, all that is required is for it to be proven that the right of ownership wasnt legally that of the seller and everything after is invalid, they had no right to sell the item as it legally belonged to someone else.
possession and ownership are not the same thing and you cannot make a legal contract with something for which you have no rights.
the law does not differentiate for goods, a tv or a car are the same in legal terms.

in this case it seems that VAG are treating this as theft of their property via fraud and as such all these vehicles are technically stolen regardless of the situation in which they were "sold"

if this is indeed true, and it very much looks like it then anyone with one is in for a huge mess.

 

I think the Statue of limitations for stolen property is 3 years in California........Hide your Lambo boys!!!

 

I would agree IF they were stolen property. However, they are not VW's property IF VW did not secure lien to them at sale. In other words, VW apparently floated these cars to Lambo OC, gave Lambo OC title to them and expected payment at some time in the future. In effect, VW offered a line of credit to Lambo OC in the form of vehicles instead of cash. Bottom line is that IF VW secured no lien on the vehicles due to internal trust/relationship/whatever with OC Lambo, then OC Lambo can transfer title to whomever and VW has no rights.

Now, if title was secured and OC Lambo pulled some funny business to not record and lien, we would have another story. I can almost guarantee you VW simply furnished Lambo OC with these titles and may have had an agreement that they were to be paid in a certain timeframe, but you can't repossess what you've allready given away legal right to via title.

Im sure the lawyer lowlifes will have a field day playing with this one, but I'll tell you....If it were me and some loser judge ordered my car be returned, it would get disected for piece parts before going back.

 

What kind of issurance does the bank have on the cars it gives to the dealers? Is there some title insurance or liability insurance the dealer has to carry?

 

Homeowner bailout....
**** industry bailout....
Now.....duh du du daah...... Lamborghini bailout!!!

 

Thanks for the heads up

 

I really don't think anyone's cars are going to get seized. I just find that hard to digest. I would go completely ape **** if someone knocked on my door and wanted to repo my bought and paid for lamborghini