Car dealership question. About a trade in

[Dunecrazzy]

Does anyone know how long a dealership has to pay off your trade in?

[Rooskibar03]

No specific law that says when we have to payoff a trade. In most cases I'm not paying off your car until I'm funded on the car you purchased.

That at said keep in mind it's in dealers best interest to payoff so we can get title and resell the car.

[Dunecrazzy]

Hmmm thank you.

[rockhound]

How long has it been

[Dunecrazzy]

Been a month and my trade in payment is due. I called and they said the pay off has not been mad. I called the dealership and get the run around.

[Irving]

Report the vehicle stolen? That's what the dealership would do. Probably ask Rooskiebar first though.

[Rooskibar03]

A month is pretty long, way outside the norm. Was this a large big name dealer or a small independent lot?

If it's small one that's not good. Many a small dealer gets into trouble floating titles, basically needing to sell another car to pay off the one they sold. That gets ugly real quick.

Call you lender and let them know it was traded, when, and to who. You're still on the hook for the payment but maybe they will make a call on your behalf.

[Dunecrazzy]

Big name dodge dealer in fact it's been 43 days. I get a call from them asking me to come in and sign more papers I need to talk to a lawer

[BPTactical]

Big name dodge dealer in fact it's been 43 days. I get a call from them asking me to come in and sign more papers I need to talk to a lawer

I wouldn't lawer up just yet, contact the Dealer Licensing board.
Watch your ass.
Likely they are going to try and leverage you for more money down or a higher interest rate.
That is more than likely why they haven't paid off your trade, they haven't got the car you "purchased" financed yet.

As much as I dislike Tom Martino he has some pretty good info on this type of stuff.

IIRC a dealer has X days to get a vehicle financed or they must either finance it themselves or undo the deal.

[Dunecrazzy]

The financing went through great interest rate I did everything they asked as much as I dislike Tom Martino also I will check it out thank you neighbor

[Rooskibar03]

If you got “that” call then the loan they wrote you at is most likely not approved (it could be something simple but not likely) Assuming the dealer did the paperwork properly you signed a Colorado state disclosure that says you agreed that you are taking the car prior to be paid in full. If financing cannot be arranged at the terms stated in the contract and you cancel there is a day/mile penalty.

Keep in mind you are still responsible for your old loan. Make that payment before its 30 days late or you will have a ding on your credit. Assuming the loan is paid off for the amount before the payment you will get it back, but don’t let it go to 30 days late over a dispute with the dealer, nothing is going to fix that and its your credit on the line.

I would call the finance department and find out what the new terms are. If they are unacceptable then tell them you are bringing the car back and you want your trade. If they already sold your trade there is way more reason for them to hold the deal together as it was originally written.