Q: My bank paid a $50,000 auto loan to a fraudulent dealer. Does the bank have liability?
My bank paid a $50,000 auto loan to a fraudulent dealer. The money was misdirected to a different business name that I did not authorize. My bank has told me that no fraud occurred and that I should pay the loan anyway. I believe that the bank has mishandled the transaction and did not perform the transaction as authorized in addition to not conducting any due diligence.
A: This is not a quick answer by any means. This would require that you consult with and likely hire the lawyer to review all the documents and facts to determine your legal rights and options. Feel free to schedule an appointment to discuss in detail.
A: First, as attorney Gurevich says, you cannot get an opinion without a complete review of all documents, which will cost you a fee. Next, what are your damages? You don't indicate that you did not receive the car that the loan was on. It is not clear how the error that you describe in this transaction caused you any damages. Take your papers to a good attorney for a contract review. It could be worth $50,000.00 to you. This free public forum cannot provide you the response you want.
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