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  #1  
Old 03-09-2011, 11:06 AM
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Default Trade-in payoff dilemma

On good faith, I knew my '05 GMC loan matured in September 2011. I simply multiplied the remaining months times what the bank auto-drafted out of my checking and came up with a payoff figure for the dealership's salesman and loan officer.
The trade-in minus that payoff amount was credited towards my new Dodge.

Come to find out, my loan officer (personal friend of mine as well) called me yesterday and told me the payoff is over $1300 higher than my estimate.

Backtrack to a couple days after I took ownership of the new truck, I mentioned the fact that the payoff was my own personal estimate and no one, not the salesman nor their loan officer, had ran any checkups themselves to the general sales manager. He was very nice and a really understanding gentleman compared to the salesman and loan officer.

Since the trade-in has been sold to a new owner, I know down the road he'll be unable to obtain the title, since my bank will not release the title seeing as the truck isn't fully paid off. I left an urgent message with Dodge's general sales manager to call me when he comes in.

My question to you all is, am I likely the one to be stuck with paying the difference owed on my loan? Probably so I think. My only defense is the dealership not doing a thorough check themselves.
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Old 03-09-2011, 11:15 AM
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Open the checkbook...
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Old 03-09-2011, 11:28 AM
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I don't know if you'll be stuck or not but I do know the dealership should NOT have sold a vehicle without a clear title. Our trades never even come into the shop for a used vehicle inspection until we have the title in hand.
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Old 03-09-2011, 11:37 AM
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Pretty much what Randy said, you MAY get stuck with this, however, the dealership isn't allowed to sell it unless they have title ownership... which they didn't at the time of sale.
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Old 03-09-2011, 11:40 AM
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I would think it's the dealerships fault for not verifying the payoff to begin with, especially if they handled the payoff transaction. IMO you shouldn't be held liable.
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Old 03-09-2011, 01:51 PM
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The dealership cannot resell the vehicle without clear title. Consequently it is their problem for not verifying the pay-off.

Their finance person should have had you give him/her the loan account number and lender's contact info. He/she should have then contacted them directly before writing your new contract and included any differences in the new contract.

Once the new contract was signed for the new truck the dealer is supposed to cut a check to the lender on your trade and either get it mailed or done electronically.

The lender then clears the title and notifies the DMV who cuts a clear title and sends it to the dealer.

If the dealer didn't do this, its not your problem.
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Old 03-09-2011, 01:58 PM
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Not your problem, dealer HAS to check to get proper payoff, because they are BUYING your trade from you.
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Old 03-09-2011, 02:34 PM
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They failed to verify the payoff so it's their dime, not yours.
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Old 03-09-2011, 02:52 PM
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I enjoy seeing the Finance Dept get some of what they do to so many customers

How the heck did they sell something that they don't legally own it, now the NEW owner can, if they want to, can take the dealership to small claims court, if they don't get the Title
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Old 03-09-2011, 05:26 PM
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But otherwise this loan is still being auto-drafted out of my account. I mean, it's my loan but the dealership obviously intended on selling the trade-in. So the loan should be covered in full, no?

How then, since the amount is $13xx dollars, what if in another case the remainder was like $11,xxx dollars. Same principle still applies? Dealership's fault for not checking into the amount?

I don't get how this doesn't come back on me honestly.
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