Dealer - paying off your trade - how long?
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Tuned
Joined: Feb 2011
Posts: 265
Likes: 31
From: Fort Worth, TX
Dealer - paying off your trade - how long?
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
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
Moderator
Joined: May 2007
Posts: 158,146
Likes: 11,919
From: Greenfield, MA
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.
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Tuned
Joined: Feb 2011
Posts: 265
Likes: 31
From: Fort Worth, TX
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).
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).
Cargo Master
Joined: Aug 2007
Posts: 2,862
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From: Kentwood, Louisiana
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.
Junior User
Joined: Mar 2011
Posts: 59
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From: 29 Palms
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...
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