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Started By
Message
re: Payoff amount on a trade in vehicle
Posted on 6/22/20 at 9:45 am to ElleshooTGR
Posted on 6/22/20 at 9:45 am to ElleshooTGR
quote:
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?
Your car note was $1,000?
0
Posted on 6/22/20 at 9:45 am to ElleshooTGR
My ford dealership just mailed me a check. It takes a couple of weeks but they dont go back and redo the loan.
Posted on 6/22/20 at 9:45 am to ElleshooTGR
They'll get the exact payoff....but
After they put it all on paper, go sell the used vehicle for 2k over trade direct to someone.
Profit
After they put it all on paper, go sell the used vehicle for 2k over trade direct to someone.
Profit
Posted on 6/22/20 at 9:48 am to OceanMan
quote:
If you don’t know how much you owe on your current note you shouldn’t be at the dealership. You have already lost.
This is what the dealership saw when the OP walked through the door....
Posted on 6/22/20 at 9:51 am to ElleshooTGR
quote:
Nope. I signed papers without exact payoff.
I’ve done this before. The difference will be cut to you in a check, or you will owe them a check if you under estimated the payoff.
Posted on 6/22/20 at 10:03 am to ElleshooTGR
They should cut the check for the difference and send it to the new lienholder of the vehicle sold. It's not your money, it's the new banks money that they fronted for your purchase.
This post was edited on 6/22/20 at 10:08 am
Posted on 6/22/20 at 10:05 am to ElleshooTGR
quote:
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. ????
She only fricks people who know how to purchase a vehicle properly, sry loser.
Posted on 6/22/20 at 10:11 am to momentoftruth87
I know. She's not worthy of a frick tho. I only get head from her. So I'm in the clear.
Posted on 6/22/20 at 10:57 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?
You can either redo the paperwork showing the $3850 payoff and lowering you note. Or you can do nothing, the dealer is going to send a $5000 check to the CU because that's what's on the paperwork, and the only way they can get the title for your trade. At that point the CU will owe you $1250.
It's really up to you on how you want to handle it.
Posted on 6/22/20 at 10:59 am to ElleshooTGR
quote:
Come to find out it was 1k less.
They will credit it to whatever account you have with them. Happened to me last week. Twice. Traded mine and the wife's car in. We had all the payoff numbers when we walked in so they didnt have to call or get anything from the credit union. Somehow they still managed to muff it up and I got a $12 credit to my account for my wife's overage and a $99 credit to the account for the overage on my Jeep.
They didnt automatically put it towards the loan, it just goes into your account.
Also, this...
quote:
If you don’t know how much you owe on your current note you shouldn’t be at the dealership. You have already lost.
This post was edited on 6/22/20 at 11:12 am
Posted on 6/22/20 at 11:05 am to the4thgen
quote:
My ford dealership just mailed me a check. It takes a couple of weeks but they dont go back and redo the loan.
If the was already finalized with the lender this would be true, but he just signed this weekend he can redo the paperwork. This is an easy fix, the problems start when the actual payoff is higher than what was estimated.
This post was edited on 6/22/20 at 11:06 am
Posted on 6/22/20 at 11:22 am to im4LSU
quote:
We had all the payoff numbers when we walked in so they didnt have to call or get anything from the credit union. Somehow they still managed to muff it up and I got a $12 credit to my account for my wife's overage and a $99 credit to the account for the overage on my Jeep.
The payoff changes daily due to interest
Posted on 6/22/20 at 11:36 am to weadjust
I've had these numbers turn out different from a similar scenario and they called me Monday, informed me of the situation and put a check in the mail. Only time that ever happened.
Posted on 6/22/20 at 1:22 pm to weadjust
quote:
The payoff changes daily due to interest
Yea, I get that, but this was all taken care of on the same day (separate day for each car). Did one on a Friday and one on a Monday.
This post was edited on 6/22/20 at 1:23 pm
Posted on 6/22/20 at 2:07 pm to ElleshooTGR
quote:
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.
It’s 2020, how were you not able to pull up the exact amount on your phone in 30 seconds?
Posted on 6/22/20 at 2:21 pm to Woolfman_8
Worked in sales and saw the opposite cause problems several times. Late night and weekend deals in the early days of the internet. Never a problem telling someone here is a check for $1500. But tellining folks there payment us $40 a month more because the payoff was a couple of grand over what they swore it was the night before..
It was a shady arse dealer that got shut down by the state. A couple of years after I quit when I figured out how crooked we were.
It was a shady arse dealer that got shut down by the state. A couple of years after I quit when I figured out how crooked we were.
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