I recently bought a new car (over two weeks ago now) and I owed 12,900 on my trade in. The dealer was supposed to pay it off. Anyways, the loan still isn't paid off, they already sold my old car, and I'm still having to make payments on it for someone else to drive! What is going on here?! What are my rights? I am not going to pay for someone else to have the pleasure of driving around in my car. Meanwhile I'm sure theres two loans on the car I traded in now, The one I have on it, and whoever bought it probably has one too. My bank won't give the title to the dealership until it is paid off, and they have already taken too much time about paying it off. The interest has accrued on the loan, and now the payoff amount is more than what it was when I traded it in! This is ridiculous, someone please help me. Thanks!
2007-11-05 23:07:15 · 7 answers · asked by Mark 4 in Cars & Transportation ➔ Buying & Selling
I had a loan on a car that was traded in, I started getting phone calls every day from the bank saying that I hadn't made the payment. I explained to them that I didn't have the car, that it was traded in and gave them the dealership information...I left it up to the bank to contact the dealership to get their money. After explaining it several times, I stopped getting the phone calls.
you need to tell the bank you are not making payments anymore and give them the dealership info
2007-11-05 23:16:54 · answer #1 · answered by Jessi 7 · 2⤊ 0⤋
Sounds Like Auto Loan Sharks Bit your wallet off. First and second loans on an car can be difficult. The first loan gets paid off. The money you borrowed against the value of the car is your responsibility. IS that what happened? Next thing is if you take out money on a car note and the car gets totaled the second note does not get paid off unless you pay extra for Gap insurance. Many people get caught up in having two loans going in one to finance a down payment. And actually are so behind on car that they owe more than the car is worth. Upside down is a bad place to be come total or trade in time. "two more car loans please" I really like paying interest!
2007-11-05 23:49:12 · answer #2 · answered by John Paul 7 · 0⤊ 0⤋
The dealership should not have been able to sell your old car without the title. You need to contact the dealership and the bank that has the loan for your old car and explain the situation. Since they did not pay off your old loan on-time, it would be up to the dealership to pay any difference in the payoff amount. You definitely want to let the bank know what is going on so this does not damage your credit.
2007-11-05 23:21:53 · answer #3 · answered by hochus 3 · 1⤊ 0⤋
i have traded many cars that had outstaning loans on them-never had a problem but then again i was always ahead in my payments-did you call the dealership to find out- I do know it took the bank that had originally financed my cars about a month to send me the pay-off papers.
2007-11-05 23:26:26 · answer #4 · answered by nj2pa2nc 7 · 0⤊ 0⤋
Did you get it in writing?
Did you get SOMETHING in writing? Something about what you were getting for your trade-in?
Regardless, if you didn't get ANYTHING for your car, I'm pretty sure they committed fraud. First challenge the dealer. Then threaten the dealer. Then get a lawyer and have the lawyer threaten them. Then sue them.
2007-11-05 23:29:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That is how it goes), they simply add the amount due of your (old car) to the total amount of the newer one... they NEVER just "pay it off" for you... you pay for eveything. period!
2007-11-05 23:17:11 · answer #6 · answered by "/ J()€ 5 · 0⤊ 1⤋
CONTACT YOUR LOCAL (DMV) DEPARTMENT OF MOTOR VEHICLES OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.
2007-11-06 00:12:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋