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Dealer has not paid traded in car

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ealzar

Junior Member
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!
 


racer72

Senior Member
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?
You signed the original loan contract, not the dealer. The release is between you and the dealer, not the dealer and the lender. Call the dealer and ask when they are going to pay off the loan and suggest seeing them in court if they don't say right away.
 

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