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Old 12-11-2011, 08:23 PM   #1
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Question about trade-in/payoff

I traded in my 2007 Xterra on a new 2012 Wrangler and supposedly the dealer called and received the payoff amount correctly on 11/30 the day I picked it up.

Yesterday I received a letter from Nissan stating they still need $297.19 on or before 12/15.

Am I on the hook for this or the dealer I traded it into?

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Old 12-11-2011, 08:29 PM   #2
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Get in touch with Nissan to see if the paperwork crossed in the mail. If not, send a copy of the sale papers to Nissan and call your dealer to find out why they are so slow in taking care of their side of the deal.

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Old 12-11-2011, 08:31 PM   #3
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How is it wrote up? Also did you give them the wrong payoff amount, or did they make an error? Under 300 I'd make them eat it. Tell them the deal is off if they try to make you pay it, and offer the Jeep back. No dealer in their right mind would loose a sell over that little amount....
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Old 12-11-2011, 08:31 PM   #4
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Quote:
Originally Posted by SirGeorgeKillian
How is it wrote up? Also did you give them the wrong payoff amount, or did they make an error? Under 300 I'd make them eat it. Tell them the deal is off if they try to make you pay it, and offer the Jeep back. No dealer in their right mind would loose a sell over that little amount....
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Old 12-11-2011, 08:32 PM   #5
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Wait, are they saying there is a ballance of 297 on your previous loan, or are they saying it hasnt been paid off by the dealer yet?
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Old 12-11-2011, 08:34 PM   #6
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Wait, are they saying there is a ballance of 297 on your previous loan, or are they saying it hasnt been paid off by the dealer yet?
$297?
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Old 12-11-2011, 08:34 PM   #7
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I would get in touch with the dealer ASAP and get them to straighten it out. If not you may want to pay it and go after the dealer since the loan is in your name Nissan could place negative info on your credit report.
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Old 12-11-2011, 08:35 PM   #8
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It hasn't been 30 days so quite possible they have not recieved the payoff. I would definitely bring it to the Jeep dealer's attention and notify Nissan of the trade as well. Under NO circumstances should you be responsible for the payment.
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Old 12-11-2011, 08:39 PM   #9
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I should have been more clear. Sorry. The letter states that they received $3,156.23 on 12/5/11 which was applied to the account. But that there is still a remaining balance of $297.19.

I do believe that the number is correct as far as the new contract I signed.

Could this be the result of late payments? I ran my credit and saw nothing of the sort on the credit reports and have excellent credit, but my wife does pay the monthly bills.

This certainly will not make or break me, but after buying a dozen or so vehicles in the last 20 years I've never ran across this before.
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Old 12-11-2011, 08:40 PM   #10
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BTW, I never gave them the payoff amount, they called Nissan to get it...
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Old 12-11-2011, 08:45 PM   #11
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I assumed it was your monthly payment. Sine it is the balance after the dealer paid, it is between the dealer and Nissan. Either Nissan did not give them the right number or they did not send the right amount. You were not part of the transaction so it should not fall on you. The title is no longer yours. It belongs to the dealer along with any unpaid debt.
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Old 12-11-2011, 08:46 PM   #12
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I would kick it to the dealer to sort out.

I'm going through something similar, only the dealer is buying out my lease. I gave them my account number and the phone number of the leasing company, for them to get the final buyout price. It's on them to get the most accurate figures and work out the buyout With the financing company.
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Old 12-11-2011, 09:15 PM   #13
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Quote:
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BTW, I never gave them the payoff amount, they called Nissan to get it...
If they called, which is correct. Then the dealer should take care of this, or they will not be able to re-sell the vehicle, as nissan would not release the title to them.

I had this happen a few years back at Carmax, it was about $200+. they ended up paying it...

Ususally when dealers call for payoff amounts, they ask for a 10 or 14day payoff to cover delays.
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Old 12-11-2011, 09:25 PM   #14
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Have you notified DMV that you sold the vehicle? Good idea to do so.
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Old 12-11-2011, 09:37 PM   #15
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I could be wrong, but I don't believe that my NY DMV cares about selling vehicles. I think they only care when it comes time for the new registrar that there are no outstanding liens.

Is it possible that the dealer paid off Nissan the payoff amount for when I ordered on 10/15 and not the correct payoff when I delivered the used Xterra and picked up the new Wrangler on 11/30? It doesn't make sense to me because I know at least one more payment was made on the Xterra which would make the payoff less than 10/15.

I called Nissan over the weekend and I can't talk to anyone until tomorow.
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Old 12-12-2011, 10:32 AM   #16
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Most dealers call and get a 10 day payoff, most lending institutions don't go any longer than that. Chances are you signed something stating if the payoff is more you are responsible and if it's less you get the difference back. Pay the 297 so you don't screw up your credit.
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Old 12-12-2011, 10:52 AM   #17
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Check your paperwork. If the paperwork shows you owed 3156 and that got applied to your new loan, you are on the hook for the 297 and/or you need to have a chat with the lender about where this 3156 number came from. You haven't lost anything in this case, there was just some miscommunication that means your new loan or down payment (or full payment) should have been 297 higher than it was.

If your paperwork shows your payoff was more like 3453, the dealer short payed the loan and rolled the 297 into your new vehicle, and they are liable in that event. And then I would want to know from them what happened.

Either way let both parties know what is going on, and starting with the lender on the Nissan, find out what happened. Instead of checking your credit, talk to your lender directly.

297 is a whopper amount for 10 days of interest. Was this your old monthly payment? When was it due for Dec? It could also be a prepayment penalty. Rare but they do happen, though they should be quoted in the payoff amount.

Obtaining a payoff amount is a courtesy service by a salesperson, not an obligation. Read the fine print. If you weren't aware of your payoff and signed something stating it was 3156 when it wasn't, you are responsible. The dealer is obligated to pay the amount shown on the contract.
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Old 12-12-2011, 11:52 AM   #18
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Check your paperwork. If the paperwork shows you owed 3156 and that got applied to your new loan, you are on the hook for the 297 and/or you need to have a chat with the lender about where this 3156 number came from. You haven't lost anything in this case, there was just some miscommunication that means your new loan or down payment (or full payment) should have been 297 higher than it was.

If your paperwork shows your payoff was more like 3453, the dealer short payed the loan and rolled the 297 into your new vehicle, and they are liable in that event. And then I would want to know from them what happened.

Either way let both parties know what is going on, and starting with the lender on the Nissan, find out what happened. Instead of checking your credit, talk to your lender directly.

297 is a whopper amount for 10 days of interest. Was this your old monthly payment? When was it due for Dec? It could also be a prepayment penalty. Rare but they do happen, though they should be quoted in the payoff amount.

Obtaining a payoff amount is a courtesy service by a salesperson, not an obligation. Read the fine print. If you weren't aware of your payoff and signed something stating it was 3156 when it wasn't, you are responsible. The dealer is obligated to pay the amount shown on the contract.
Pretty much any dealership is going to have the salesman call for the payoff, otherwise how does the dealer get the title and/or lien release. The old loan has to be paid off and the dealer has to get the title/lien release so when they sell it they can retitle it.

ALLY, Chrysler Financial, BOA, Chase, bmw, mazda, etc all only give a 10 day payoff quote.
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Old 12-12-2011, 02:08 PM   #19
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I wouldnt pay it. Take the Jeep back to the dealer and tell them if they dont fix the problem, then they can have the Jeep back. They messed up not you. If you had provided payoff numbers, then it would be your responsibility. You signed on the dotted line that they would pay off your vehicle based on the info they provided. This is like a hidden fee, if you pay the ballance the dealer just got a better deal, because that is 297 bucks in their pocket they didnt have to pay to pay off your vehicle. Follow up on it, you dont want this to hurt your credit. Then spend the 300 bucks on something for your Jeep....
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Old 12-12-2011, 02:25 PM   #20
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I wouldnt pay it. Take the Jeep back to the dealer and tell them if they dont fix the problem, then they can have the Jeep back. They messed up not you. If you had provided payoff numbers, then it would be your responsibility. You signed on the dotted line that they would pay off your vehicle based on the info they provided. This is like a hidden fee, if you pay the ballance the dealer just got a better deal, because that is 297 bucks in their pocket they didnt have to pay to pay off your vehicle. Follow up on it, you dont want this to hurt your credit. Then spend the 300 bucks on something for your Jeep....
Most dealers have customers sign a rider stating if the payoff is more the customer is responsible, the same rider states if the payoff ends up being less the custiomer gets the refund.

I'd follow the advice from cekowalski, call nissan and see where the mistake was made. Then you'll know what your next step is.
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Old 12-12-2011, 04:03 PM   #21
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Originally Posted by Pat@FieldsJeep

Pretty much any dealership is going to have the salesman call for the payoff, otherwise how does the dealer get the title and/or lien release. The old loan has to be paid off and the dealer has to get the title/lien release so when they sell it they can retitle it.

ALLY, Chrysler Financial, BOA, Chase, bmw, mazda, etc all only give a 10 day payoff quote.
Yeah, didn't meant to say that they won't or don't typically. In my experience I have always done the payoff amount myself so that things like this don't happen, but the salesperson has always offered.

I guess a better way of putting it is the dealer has no legal obligation. When selling property the seller is responsible for representing the condition of the title. It is to be expected that the current owner of the property knows more about any liens on it than a prospective buyer.

Consider this (those saying make him eat it): if you buy a car privately and the seller says he owes nothing, you give him the cash, and he comes back saying oops I owe money and can't pay it off, so I can't get the title to you - is it the buyer or seller who is guilty of theft by deception?

Unless the $300 was a "mistake" to hit some payment the buyer was negotiating... Then I have a different view about what happened. We don't have those facts, but even then, by signing the paperwork the buyer acknowledged the situation and would have trouble proving anything in court, other than him not reading everything or not being aware of what he owed others on his property's title.
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Old 12-12-2011, 04:38 PM   #22
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I would listen to Pat. Your credit score should be worth a whole lot more than $300.
Ask for an accounting from the bank/lessor.
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Old 12-12-2011, 07:18 PM   #23
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I would get in touch with the dealer ASAP and get them to straighten it out. If not you may want to pay it and go after the dealer since the loan is in your name Nissan could place negative info on your credit report.
no, no ,no, sounds like dealer screwed up, they should fix, they also know if their screw up hurts your credit, it then becomes a big thing. i doubt your dealer won't fix this if the deal is as you said.
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Old 12-12-2011, 07:21 PM   #24
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forget my post, listen to pat fields, although laws vary from state to state.

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