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Started By
Message
Payoff amount on a trade in vehicle
Posted on 6/22/20 at 9:11 am
Posted on 6/22/20 at 9:11 am
What happens in this scenario?
Let's say you go buy a new vehicle and are trading in your old vehicle. You don't know the exact payoff but you have an estimate. Let's say they give you $10k for your car and you think you owe $5k on it. When they do the paperwork they subtract $5k from the pice of the new vehicle and thats the amount you financed. Come to find out you only owe $4k on the loan. What happens to that $1k overage? Do they apply it to the new loan or do they cut you a check for the difference?
Let's say you go buy a new vehicle and are trading in your old vehicle. You don't know the exact payoff but you have an estimate. Let's say they give you $10k for your car and you think you owe $5k on it. When they do the paperwork they subtract $5k from the pice of the new vehicle and thats the amount you financed. Come to find out you only owe $4k on the loan. What happens to that $1k overage? Do they apply it to the new loan or do they cut you a check for the difference?
12
Posted on 6/22/20 at 9:13 am to ElleshooTGR
Pretty sure they are going to get your exact payoff before the papers get signed.
Posted on 6/22/20 at 9:13 am to ElleshooTGR
They aren't inking anything without your exact payoff.
Posted on 6/22/20 at 9:15 am to ElleshooTGR
It becomes an unplanned donation to BLM
Posted on 6/22/20 at 9:16 am to ElleshooTGR
They call the bank to get the exact payoff amount.
It's not rocket surgery.
It's not rocket surgery.
Posted on 6/22/20 at 9:20 am to ElleshooTGR
Wut there is no "think"
They will figure out the exact amount
They will figure out the exact amount
Posted on 6/22/20 at 9:20 am to ElleshooTGR
What everyone else said. During the negotiations they might take your estimate into account but will say “this is what it will be with the payoff you told us, but your monthly note may change when you get in the finance office if you are not right”
Posted on 6/22/20 at 9:22 am to HogBalls
quote:
Pretty sure they are going to get your exact payoff before the papers get signed.
This, and the title holder will give the payoff as of the exact date of the filing of the paperwork.
Posted on 6/22/20 at 9:23 am to The Spleen
It was saturday evening and the credit union was closed so they couldn't get an exact payoff. And the paperwork was written up exactly like this. It had the estimated payoff amount in the paperwork. Come to find out it was 1k less.
Posted on 6/22/20 at 9:25 am to HogBalls
Nope. I signed papers without exact payoff.
Posted on 6/22/20 at 9:26 am to ElleshooTGR
They pull all your loan info so they know the exact payoff amount.
Posted on 6/22/20 at 9:27 am to ElleshooTGR
If you don’t know how much you owe on your current note you shouldn’t be at the dealership. You have already lost. Dammit son it’s your loan take some ownership of your situation.
Posted on 6/22/20 at 9:29 am to ElleshooTGR
They will get the exact pay off and per diem amount. Honestly, you should be giving them that and the information to your lender.
^ lulz. If you don't know how this works, I highly doubt you'd be in this situation, more so id bet you'd carry over negative equity.
This whole "scenario" you presented makes you look like an idiot.
quote:
Let's say they give you $10k for your car and you think you owe $5k on it
^ lulz. If you don't know how this works, I highly doubt you'd be in this situation, more so id bet you'd carry over negative equity.
This whole "scenario" you presented makes you look like an idiot.
Posted on 6/22/20 at 9:29 am to ElleshooTGR
quote:
Nope. I signed papers without exact payoff.
Sounds like you just paid a stupid tax to me
Posted on 6/22/20 at 9:30 am to deltaland
In the paperwork I signed, that I'm looking at right now. Its says trade in vehicle value $10000. Trade-in payoff amount $5,000. I called the credit union and my payoff amount was $3,850. I'm just wonder what happens to that overage?
Posted on 6/22/20 at 9:33 am to ElleshooTGR
quote:
In the paperwork I signed, that I'm looking at right now. Its says trade in vehicle value $10000. Trade-in payoff amount $5,000. I called the credit union and my payoff amount was $3,850. I'm just wonder what happens to that overage?
An $1150 lesson...
Posted on 6/22/20 at 9:34 am to ElleshooTGR
quote:
Nope. I signed papers without exact payoff.
Post the contract then
Posted on 6/22/20 at 9:36 am to ElleshooTGR
quote:
Nope. I signed papers without exact payoff.
The loan payoff is on your credit report, however, if they are desperate enough to ink the deal without that exact number, and you someone don't know your loan payoff, trust me, if there's anymore owed its on you. If its less they'll either apply it to your loan or cut you a check for it.
Anyway, how the EFF do you go buy a new car not knowing what your current payoff is? Give me all the numbers on this new deal. I need a good laugh
Posted on 6/22/20 at 9:38 am to momentoftruth87
Not gonna post it on here. But I do have ur moms number so ill send it to her so you can have a look. Disregard the dick pic i send with it. ????
Posted on 6/22/20 at 9:44 am to LSUTigerFan247
I did get the payoff prior to going. I called on Friday to get the payoff. Saturday rolls around and my car note gets drafted from my account at around midnight on the 20th of every month. Now my payoff amount has dropped due to the new payment applied. I couldn't call them and get the up to date payoff cause they were closed. Understand?
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