loan payoff

[PKFIRE]

I purchased a vehicle March 21 2010 and the loan on my trade in still isn't payed off like the Dealership said. The paperwork shows that I have 4500 in trade and I owe 4524 which they said they'd just charge me the difference. I just found out today when bank made another payment to my old loan.

I've been trying since 11am to talk to my old sale person or someone in accounting at the dealership to clear this situation up. I guess somethings are never cut and dry.

[BradleyGT]

That sucks. Good luck. I would contact the Finance Officer at the dealership.

[Ranger50]

This is a damn fine reason to not trade in a vehicle and just sell it outright.

Brian

[Pitbull1052]

they should have accounted for a 10 day payoff just due to the time it takes to process everything, I would talk to the finance person too the sales person doesnt have much to do with it. I don't wanna say this happens alot but it's fairly common

[PKFIRE]

I'll follow it through, they said they just overnighted a check to the bank today after I reminded them about the trade in and loan payoff. I could sit on the extra 24 dollars I owe on top of the vehicle,lol. Anyway I'll give my bank a call tomorrow to see if they recieved the check.

[PKFIRE]

This is a damn fine reason to not trade in a vehicle and just sell it outright.

Brian

Yeah, also that it's easier to buy in state. I purchased this car in Tennessee.

[beefcake]

not necessarily,

in general, when you trade your car in, before your loan is paid off,

the finance dept has to call and verify the insurance, the deal is then sent to the office where the girls break the deal down and send it off to the finance company.

the bank then reviews the documents if say, one of the papers you signed was missing or something, they'll send a sheet to the dealer, and say, this missing or that missing, or maybe the bank misplaced it and needs another copy,

once all that is done, they send a notice to the dealership letting them know the deal is "booked", then they send a funding notice. once the dealership gets the funding notice, they then issue the title for you and the payoff to where you traded it in at,

in general that will take 5-7 business days, but sometimes it can take longer

[PKFIRE]

Problem Resolved