Hi All,
Thought this info might be worth sharing-Two months ago, we traded in our truck to buy a new one. Signed over the title, signed the rest of the papers and all was well. The trade in had about 30k left on the note and of course the dealer took the title and loan info. Usually you don't get the title till it's paid off, but for some reason it came to me, rather than the lender.
Three days ago, purely by accident, I found out the truck had NOT been paid off and in fact one payment had been made, and the one currently due was late. All this on MY good credit. I'm 30k in debt and no truck or title.
Needless to say, a few really irate phone calls ensued, resulting in the dealer finally paying off the note and the lender sending a lien release.
Bottom Line-WHEN TRADING A VEHICLE WITH AN OUTSTANDING BALANCE, BE VERY SURE THE DEALER PAYS IT OFF AND YOU ARE RELEASED BY THE LENDER!!!
Dealer says it was an "oversight" Yeah, right!!
Frank x(
Thought this info might be worth sharing-Two months ago, we traded in our truck to buy a new one. Signed over the title, signed the rest of the papers and all was well. The trade in had about 30k left on the note and of course the dealer took the title and loan info. Usually you don't get the title till it's paid off, but for some reason it came to me, rather than the lender.
Three days ago, purely by accident, I found out the truck had NOT been paid off and in fact one payment had been made, and the one currently due was late. All this on MY good credit. I'm 30k in debt and no truck or title.
Needless to say, a few really irate phone calls ensued, resulting in the dealer finally paying off the note and the lender sending a lien release.
Bottom Line-WHEN TRADING A VEHICLE WITH AN OUTSTANDING BALANCE, BE VERY SURE THE DEALER PAYS IT OFF AND YOU ARE RELEASED BY THE LENDER!!!
Dealer says it was an "oversight" Yeah, right!!
Frank x(
LATER SHARP327