Salvage title trouble
LITTLE ROCK (KATV) -
A salvage title law in Arkansas requires that sellers disclose to a buyer if a vehicle has sustained serious damage.
But it doesn't apply to cars and trucks more than seven years old.
A Sheridan bank wants its money back now after discovering that a car it helped finance has a salvage title.
18 year-old Jake Tatro needed a vehicle in the $4,000.00 to $5,000.00 range.
He found a 2004 BMW 530i with 165,000 miles for $4,500.00. The ad said it runs and drives fine, had clean leather interior and good tires and that the dealership had the title on hand.
"The radio wouldn't work right but other than that it drove good, the interior looked good and I was like well it's not bad for the price,” says Jake’s mom Tricia Clark. “It's a pretty good deal."
A photograph of the title was sent to the bank so Jake could get a loan for the car...which he did.
A closer look shows a bar code sticker seemingly strategically placed in front of the word "certificate" and covering the word "salvage."
"In the meeting you had in his office with the paperwork did he ever mention verbally salvage title?
"No," answers Clark.
Car lot owner Bryan Bendecks claims the buyers knew the car had been wrecked because the paperwork included an Affidavit of Reconstruction for a Salvage Motor Vehicle.
"Do you have something with their signature on it..."
"I might have one yes," answers Bendeck preemptively.
"Proving that they signed something that said it was a salvage title?"
Clark says she did find the document in her paperwork after she got home.
"And it names everything that was wrong with it and what was replaced on it,” says Clark. “And this guy signed it here. But down here where we should have signed it acknowledging it...it is not signed."
"Because you never saw it."
"Right," agrees Clark.
Bendeck has yet to produce any signed document showing Jake and his mom were made aware that the BMW had a salvage title.
Tricia Clark says her son is making payments on the car but is not driving it.
Air date: April 12th, 2017