car trade-in questions

[robzie]

Hi guys,

are there any geeks here that work at a dealership. I have a question/concern.

well, i traded-in my car that that I still owe money on (1st time I did that) for a brand new one. deal was too good to pass up and it's the car my wife really wanted (points for me ;))

anyway, my question/concern is, I called the bank where my older car is financed to check if it's still under my name. to my surprise, it was still showing as outstanding. fyi, I just picked up the car this Saturday (5 days ago). how long does it take for the dealer to take care of this? only reason I'm i little worried is the pay-off amount changes everyday and why would the dealer wait that long? I also don't want to get stuck with a loan when I gave up the car already.

thanks in advance....

[gamster]

dealers have a 10 day payoff against your old loan

[ScottB]

look at your buyers order .... it should show the payoff amount in a box under trade. It should also show the negative equity transferred to new purchase unless hidden in the price of new vehicle.

as for payoff ... typically dealer takes about 10 days , but can take more. Your not on the hook for the per diem as long as contract shows they took in car on trade.

[robzie]

yes killr, paperwork is fine and shows trade-in value and payoff amount, I was just worried when I called the bank's automated service and heard that i still owe it.

i guess I'll wait until next week then. talk about anal huh?

thanks again, killr and gamster...

[ScottB]

my dads been a GM for multiple car franchises for over 35 years. Nothing anal about checking, and trust me I have seen some unscrupulous deals.

[Grimm]

make sure you keep tabs on it though. We just had a local dealership get in trouble about a year ago for not paying off loans on trade ins along with warranty scamming.