Hey FTE'rs,

Curious to know if anyone know how long a dealer has to pay off a trade-in. I'm in NY if that makes a difference. Don't want to be a jerk and followup if they have some leeway - I'm in financials so I understand the whole cashflow thing, but its been 2 weeks and I'd like to know if I should be concerned or not.

Thanks in advance,
TAC

 

When checks are required...we send them out the very first day after delivery...many transactions are done electronically the very same day. Payoffs are generally good for 10 days...2 weeks is too long.

 

Bigken - once again, thank you for your help!
I called them yesterday - didnt get a call back but my loan was paid off today (well, short a few dollars but I'm sure they'll figure that out).

 

Ken, here's a funny story for you, back in 1999, here in Kentwood, I bought a F350 Super Crew & traded in a 1998 F150 that I had financed with FMC, 2 months later, I got a call from FMC wanting to know why I hadn't been making payments on the F150, the dealer at the time, Sandy Davis Ford, had already sold the F150 to another local guy & had never paid it off, he & I both were driving around on Temp tags because she had never filed the paper work and was using the cash to float, had to get a lawyer involved,Ford took over the dealership about 2 months later.

 

Johnny...dealerships like that give the legitimate ones a bad name!!! Just goes to show...you need to follow up on any transaction to make sure promises are kept!!!

 

The dealer I worked for a short time had a few cars come back in as unwinds, sometimes a month after the fact. Could the dealer possibly be waiting to be positive the bank wasn't going to back out? Or was the dealer I worked at really as shady as I thought...

 

My guess would be the dealer. Once a bank approves a loan...they don't back out unless terms and conditions they set up aren't met.