I had my 08 lemoned. My loan was through Chrysler Financial. The bank was paid off in under two weeks, but before I signed the papers I made one more payment to the bank. Its been about a month and I'm still waiting for my refund of the last payment. Bank said it takes about 5 weeks to get your $ back.

 

It normal don't worry

 

That's exactly what their doing, trying to sell it before making the pay-off. Check the day before your payment is due, it's YOUR credit rating that's important.

 

In 1988 I traded in a jimmy for a new 4-runner. I didn't notice the payments on the Jimmy come out of my account for 6 months. Once I took my bank statements into them they fixed it and cut me a check.

 

Man...hope that doesnt mess up your credit

 

Did you take the loan out with a different bank?

 

10-15 days, if it takes longer you can have the dealership get a new payoff.

 

Mine took almost a month a pay off.

 

Back in the day, I traded in a Toyota truck for a new Grand Am (found out the family would be getting bigger, and needed a car instead of a truck...) Anyway, the Pontiac dealer went out of business and never paid off the truck. Took 4 months to get that straight with the banks. Didn't end up costing me anything, but a couple of years later when trying to buy a house they questioned the late (over 90 days) payment showing on my credit report. Thankfully, I had documentation and they fixed my report. These things can and do happen!

 

A dealership should pay off your trade-in very quickly once the loan for your new vehicle is fully approved and funded. Usually the process takes a couple weeks or less. They are correct in saying if you make a payment right before the loan gets paid off, you will be reimbursed the overage.

One more thing to think about is that with most auto loans your payment is not technically "late" until 30 days past the due date. Notify your old bank that you have traded in the vehicle and they will be getting full pay-off any day now, and they should be able to make a note on the account so you don't get any annoying phone calls about it.

 

Here is the way it will likely go down. The dealer has your old 09 vehicle you have their new one and a note on it. You also have a note on the old one and a contract with the dealer stating they will pay it off. The dealer is waiting on their bankruptcy Chapter 11 filings to go through now which will relieve them of having to actually honor the contract they made with you, yet they get to keep the truck and sell it. Isnt America great?

You on the other hand did not file chapter 11 and still have a valid contract with the bank so they will now come after you for the repayment of the full remaining balance on the 09 that you no longer have.


Actually that will not likely happen but it could. Google Prebul Dodge bankruptcy and read until you are tired. That and many more bad situations just like it happened at a whole string of dealerships owned by Prebul that was brought up on federal wire fraud charges.

 

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One more thing to think about is that with most auto loans your payment is not technically "late" until 30 days past the due date. Notify your old bank that you have traded in the vehicle and they will be getting full pay-off any day now, and they should be able to make a note on the account so you don't get any annoying phone calls about it.[/QUOTE]

Another thing to remember that the bank will reflect the 30 days late on your credit report as they have their repsonsibilities also... and this will reflect on your credit score as a late payment. So beware and stay on them, leave a paper trail and cover that a$$. :rck:

 

I traded my 2 09 Challenger R/Ts for my 2010 SRT-8. One Challenger had a Bank Loan,US Bank. The Other was free and clear. I traded on friday dec 18,the Dealership, Hagans Dodge paid off my loan on Monday Dec 21. Very simple.
Mike