Can i be liable for the difference?

Question

I traded in a vehicle to a dealership. Money was still owed on the
Vehicle. It Was Pre Approved through the same finance company that previously held the lien on the vehicle I traded in. I Traded In My Car And Took The Deal Over A Week Ago.
I Now Have Noticed That The Payoff On The Vehicle I Traded In Seems To Be Considerably Less Than What I Think It Should Be. I Asked The Dealership To Double Check And
The 'dealership' said It Was Correct and It Couldn't Be Wrong
But I Think The Dealership Got The Wrong Payoff

I Was Told By The Dealership That It Was Not My Responsibility Now. If The Dealership Overpays, I Will Get A Check For The Difference---and if they underpay---it is between the dealership and the finance co. Is that right?
I want to make sure I am not on the hook for the mistake.

Answer 1

The dealer told you correctly. The DEAL IS THE DEAL. At this point, there is nothing owed to anyone.
The deal is final unless there was fraud or deceit involved.
While you were waiting for the paper work to be final, research was conducted to be certain of the "Pay-Off."
If there was an error, and the dealer got soaked, the dealer eats the loss.
If on the other hand, you got soaked, YOU signed on the bottom line approving the deal, and the dealer "wins".
Most likely the deal was even and no one got hurt. These people are not there to sell cars but to make money, and they are good at it.
They check very closely. Nobody wants to waste time and money in court...

Answer 2

First off, we don't capitalize every word in the English language. It makes it very hard to read your posting.

Since you didn't check the payoff on the loan before you went into the deal, you're probably going to take the dealership's word for it. Contact the finance company and find out what the payoff was and if it was paid. The payoff on your contract should have the same numbers on it.

Never go into a deal without knowing ALL of the numbers up front. And check them ALL before you sign anything! You can bet that if an error was made in your favor, they'll be looking for their money!

Answer 3

First off, you should have had the trade-in price negotiated at the time of the deal. What it says on your contract is what the dealership will be paying off on the car. If the are paying off less than you owe, you will see the difference in the balance of your new loan. It will be added to the amount you borrowed. If the dealership is paying more than your loan balance the difference should be subtracted from your current loan.
This is why contracts need to be read very carefully.

Answer 4

what they told you is true to an extent,,what they didn't tell you is that when it all comes down to the final dollar,,you wont be held liable for anything it is there responsibility to do all the paper work on it,,and it will be up the the dealer,,and the finance company to settle this,,they may try and get you involved in it,i would leave it up to them for the time being,,if they made any mistakes there liable for them ,,not you,,good luck.

Answer 5

Call & ask if they paid off your car. Some car places have been known not to do it.