Page 1
Page 1
Started By
Message

Question for the OT legal team. Re: car trade-in payoff

Posted on 12/12/14 at 7:08 pm
Posted by The Next
Baton Rouge
Member since Oct 2013
417 posts
Posted on 12/12/14 at 7:08 pm
In LA, what is considered a "reasonable amount of time" for a dealership to pay off a loan on a trade-in?

We recently bought a vehicle and traded in our old one like we've done several times before and have never had a problem of having our old loan being paid off by the dealer. This time however, we are having way too much trouble getting our trade-in paid off. The dealer said they were doing a 20 day payoff which I was ok with at the time. But come to find out, the bank only gives a 10 day payoff quote and they do a per diem for the remaining time. We are now approaching 30 days with another payment coming due and the old loan is still there.

I wouldn't have such a bug up my arse about it but the finance manager that I've been working with has given me 4 different answers, talked in circles, and has straight up lied to me about when I can expect to have it paid off. A friend of mine with some legal knowledge said that we are basically talking about theft here since they took possession of something of mine and have not compensated me for it. I'm not to the point yet of going so far as to threaten theft but I'm trying to see how long a reasonable time would be before I really start to drop the hammer. My friend couldn't answer that but said to look in the contract we signed and if there was any kind of date or time frame specified but there isn't.
Posted by Breesus
House of the Rising Sun
Member since Jan 2010
66982 posts
Posted on 12/12/14 at 7:14 pm to
quote:

a "reasonable amount of time" for a dealership to pay off a loan on a trade-in


quote:

they were doing a 20 day payoff


I'd say 20 days
Posted by Traffic Circle
Down the Rabbit Hole
Member since Nov 2013
4244 posts
Posted on 12/12/14 at 7:21 pm to
How would you 'drop the hammer?'
Posted by Spankum
Miss-sippi
Member since Jan 2007
56028 posts
Posted on 12/12/14 at 7:24 pm to
I have no expertise in that area, but ima go ahead and say that if you walk in talking about theft of your car, you will never be taken seriously again...

honestly, why are you sweating over this so much?....I could see a problem if it gets to the point of degrading your cred or something like that, but it seems like you are getting all worked up over nothing...
Posted by theronswanson
House built with my hands
Member since Feb 2012
2976 posts
Posted on 12/12/14 at 7:44 pm to
Send a certified letter. CC the bank. I bet you get results
Posted by theronswanson
House built with my hands
Member since Feb 2012
2976 posts
Posted on 12/12/14 at 7:45 pm to
quote:

A friend of mine with some legal knowledge


Usually the biggest idiots you will ever meet
Posted by Reubaltaich
A nation under duress
Member since Jun 2006
4965 posts
Posted on 12/12/14 at 8:25 pm to
Call the General Manager of the place up and ask him whats the deal.

If you don't get it resolved through the GM, call or e-mail the manufacturer about it.
Posted by The Next
Baton Rouge
Member since Oct 2013
417 posts
Posted on 12/12/14 at 8:29 pm to
quote:

I'd say 20 days


I'm with you here but the problem is that it is not documented anywhere. That's just what they said.

quote:

How would you 'drop the hammer?'


Let's just say that through my line of work, I have some people in the legal, professional, and governmental fields that owe me a favor. I'd hate to waste it if I didn't have to.

quote:

honestly, why are you sweating over this so much?....I could see a problem if it gets to the point of degrading your cred or something like that, but it seems like you are getting all worked up over nothing...


That's exactly what I'm worried about. I normally wouldn't get so worked up but this d-bag we are dealing with has really pissed me off with his double speak and lying.

quote:

Usually the biggest idiots you will ever meet


I agree with this 99% of the time but this guy is definitely the exception and not the rule.
Posted by GrantTheFan
Baton Rouge
Member since Nov 2010
336 posts
Posted on 12/12/14 at 10:04 pm to
If it's a branded dealership, call the manufacturer. If its a shady used car lot, call the LA Used Car Commission. Problem solved. That some of you manage to exist in real life daily amazes me.
This post was edited on 12/12/14 at 10:06 pm
Posted by 3deadtrolls
lafayette
Member since Jan 2014
5700 posts
Posted on 12/12/14 at 10:12 pm to
Did your financing for the new car actually go through? Just because you signed the contract, doesn't mean the loan came through.

I've never had one go more than a few days. I usually get a check for a few bucks in the mail a week or two later for overpayment.
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram