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Author Topic: What Will They Think of Next?  (Read 3324 times)

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bigcog1

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What Will They Think of Next?
« on: March 08, 2015, 09:41:38 AM »
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Chains

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Re: What Will They Think of Next?
« Reply #1 on: March 08, 2015, 10:04:35 AM »
Too bad its Sunday, can't send my titles out.   :huepfenlol2:
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grc

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Re: What Will They Think of Next?
« Reply #2 on: March 08, 2015, 10:31:28 AM »

Unless you also figure out how to be a legal resident of Montana for the rest of your life (other than actually moving there of course), this is pure BS.  Every state I've ever lived in requires you to register all vehicles in that state within a set number of days or months after moving to that state.  This permanent registration deal, if actually true, wouldn't trump the law in the state where you really do reside.  Besides, if you're actually talking about collector vehicles, many states offer the same deal for "antique" vehicles, a lifetime registration and special tag.

Good try scammers.

Jerry
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bigcog1

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Re: What Will They Think of Next?
« Reply #3 on: March 08, 2015, 02:50:17 PM »
Quote from: grc on March 08, 2015, 10:31:28 AM
Unless you also figure out how to be a legal resident of Montana for the rest of your life (other than actually moving there of course), this is pure BS.  Every state I've ever lived in requires you to register all vehicles in that state within a set number of days or months after moving to that state.  This permanent registration deal, if actually true, wouldn't trump the law in the state where you really do reside.  Besides, if you're actually talking about collector vehicles, many states offer the same deal for "antique" vehicles, a lifetime registration and special tag.

Good try scammers.

Jerry



Amen to that Jerry. I would imagine the guys that set the whole scam up didn't contact their "legal dept". I certainly hope that they don't get a single victim to fall for their ploy.

Joe
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phato1

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Re: What Will They Think of Next?
« Reply #4 on: March 08, 2015, 05:16:19 PM »
"How it Works:
The concept is simple.Much like the reverse mortgages of today, We buy your vehicle and lease option it back to you without it ever leaving your possession, We turn your vehicle into a rental vehicle. You retain possession of your vehicle throughout the transfer process and throughout the life of the rental contract. When the transfer process is complete, a clean Montana Title and a Bill of Sale will be in your possession so you can transfer the vehicle back to yourself from the holding company at any time. In the meantime, you will continue driving your vehicle under a legal rental contract."


So.... If I understand the premise behind this -- the "holding Company" aka the poster of this add, takes legal possession of my vehicle since I'm expected to sign Title over to them and in turn the "holding company" promises I get to keep the vehicle and just to reassure me they'll let me hold the Montana Title????

Run as far away as fast as you can.......

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Re: What Will They Think of Next?
« Reply #5 on: March 08, 2015, 11:20:38 PM »
So what is the scam here??? I am not getting it. Can I purchase the harley shown for $1,000 down and rent to own? Or can I get a loan on my own vehicle, make monthly payments, then get my vehicle title lien free after the agreed amount loan and interest is repaid in full in monthly payments? If so it seems like maybe there could be a sorta legit business there somewhere. I am sure I do not understand what is going on here though.
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phato1

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Re: What Will They Think of Next?
« Reply #6 on: March 09, 2015, 07:29:36 PM »
Quote from: 2 ROSE on March 08, 2015, 11:20:38 PM
So what is the scam here??? I am not getting it. Can I purchase the harley shown for $1,000 down and rent to own? Or can I get a loan on my own vehicle, make monthly payments, then get my vehicle title lien free after the agreed amount loan and interest is repaid in full in monthly payments? If so it seems like maybe there could be a sorta legit business there somewhere. I am sure I do not understand what is going on here though.

I'll take a swing at explaining what I think is the "scam" -- You're paying a "holding Company" to take possession of your vehicle by your sending them $1,000.00 and your clear title signed over to them..

 this should make you suspicious.. but let's continue with my understanding of this - and I could be wrong....

Once they take possession of the vehicle they register it in the holding company's name - after all they own it now - they will then apparently set up some sort of lease back to you - no mention if there is any costs to you associated with this part - so you no longer legally own the vehicle and on paper are leasing/renting the vehicle from them.

According to the add you continue to insure the vehicle - this part works just like a lease of a new car from your local dealer.

As for you getting to "hold" the new Montana title - what good is that?? I don't believe I can reassign the title back to myself whenever I desire (as the add states).. because...I don't own the vehicle anymore....the "holding company" or their representative has to sign it back over to me...

so it seems to me - and again I'm not an attorney, so I could be way of base and this whole thing might be legit.... I'm giving them $1,000 and my bike/car/truck so I can save a few buck on registration fees???

 The whole thing just doesn't pass my personal smell test..

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Re: What Will They Think of Next?
« Reply #7 on: March 09, 2015, 09:06:17 PM »
What a crock.......next year the "Holding Company" declares bankruptcy......say bye-bye to yo chit!!!!
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Re: What Will They Think of Next?
« Reply #8 on: March 09, 2015, 09:24:17 PM »
Quote from: phato1 on March 09, 2015, 07:29:36 PM


As for you getting to "hold" the new Montana title - what good is that?? I don't believe I can reassign the title back to myself whenever I desire (as the add states).. because...I don't own the vehicle anymore....the "holding company" or their representative has to sign it back over to me...
so it seems to me - and again I'm not an attorney, so I could be way of base and this whole thing might be legit.... I'm giving them $1,000 and my bike/car/truck so I can save a few buck on registration fees???

 The whole thing just doesn't pass my personal smell test..

Yeah I agree... Something is fishy.  What would be the advantage to me??? Just what do I get for giving up ownership to my stuff???

I have read in another topic that some states have a yearly vehicle tax...maybe it is a way to evade paying such a tax.
 :nixweiss:
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grc

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Re: What Will They Think of Next?
« Reply #9 on: March 10, 2015, 08:45:17 AM »
Quote from: 2 ROSE on March 09, 2015, 09:24:17 PM
Yeah I agree... Something is fishy.  What would be the advantage to me??? Just what do I get for giving up ownership to my stuff???

I have read in another topic that some states have a yearly vehicle tax...maybe it is a way to evade paying such a tax.
 :nixweiss:

Yes, some states have an annual vehicle registration tax on top of the actual registration fee.  Here in the fine state of Indiana it can add up to many hundreds or even thousands of dollars per year per vehicle, depending on age and market (book) value.  Other states I've lived in, like VA, had a personal property tax.   Life is all about taxes, they are called many different things but ultimately they are taxes.  BUT, this scam isn't going to help with that.  Even if you lease a vehicle instead of buying it, someone still has to pay the taxes.  It may be the lessor, but the lessee ultimately pays.  And this is not a legitimate lease arrangement.

Anyone even remotely considering this scam should consult an attorney before they lose their property and money along with their mind.

Jerry
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