What is the name of your state? CA
I traded my car in on 10-16-07 that has a lien (loan balance) and have signed the DMV form Release of Transfer and Liability and Form Notice of Transfer/Bill fo sale. But since the payoff amount i told the dealer (not verified by them from my current lienholder), was more than what was on the contract, i decided to pay the october and the november payments to have it like the exact amount on the contract. Now, there is another one coming on 12-27 and my loan has'nt been paid off yet. My questions are:
- By law, how long does dealers have to payoff loan?
- Also, lienholder says i am still responsible for the loan balance since its under my name. Eventhough i signed the release of transfer and liability and bill of sale?
Any feedback is highly appreciated. Thanks guys!
I traded my car in on 10-16-07 that has a lien (loan balance) and have signed the DMV form Release of Transfer and Liability and Form Notice of Transfer/Bill fo sale. But since the payoff amount i told the dealer (not verified by them from my current lienholder), was more than what was on the contract, i decided to pay the october and the november payments to have it like the exact amount on the contract. Now, there is another one coming on 12-27 and my loan has'nt been paid off yet. My questions are:
- By law, how long does dealers have to payoff loan?
- Also, lienholder says i am still responsible for the loan balance since its under my name. Eventhough i signed the release of transfer and liability and bill of sale?
Any feedback is highly appreciated. Thanks guys!