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Message
Question for the OT legal team. Re: car trade-in payoff
Posted on 12/12/14 at 7:08 pm
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.
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 on 12/12/14 at 7:14 pm to The Next
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 on 12/12/14 at 7:21 pm to The Next
How would you 'drop the hammer?'
Posted on 12/12/14 at 7:24 pm to The Next
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...
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 on 12/12/14 at 7:44 pm to The Next
Send a certified letter. CC the bank. I bet you get results
Posted on 12/12/14 at 7:45 pm to The Next
quote:
A friend of mine with some legal knowledge
Usually the biggest idiots you will ever meet
Posted on 12/12/14 at 8:25 pm to The Next
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.
If you don't get it resolved through the GM, call or e-mail the manufacturer about it.
Posted on 12/12/14 at 8:29 pm to theronswanson
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 on 12/12/14 at 10:04 pm to The Next
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 on 12/12/14 at 10:12 pm to The Next
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.
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.
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