Trade In Questions

[A13BDUDE]

TEXAS-I recently traded in a non-running 97 grand am on a new 2002 kia spectra at a new car dealership. The dealership agreed to pay $3,300 out of the $4,800 that I still owed on the grand am leaving me with $1,500 to pay. I was told by another dealer that this may be illeagal since they took the trade-in. Any suggestions?

 

[badtenant]

What is your question?

you and the dealership made a deal...its in writing that you will pay the $1500 and they will pay $3300.

 

[A13BDUDE]

my question is: Is it illegal for the dealership to take a trade-in without fully paying off the grand am?

 

[badtenant]

i dont see what illegal. You owed $4800, the dealer would not give you that much for the car, so you have to pay the difference.

As long as the loan gets paid off, the loan company does not care who pays it.