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Help, just bought a new car and noww...

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shepard0317

Junior Member
What is the name of your state (only U.S. law)? Tennessee

I just bought a slightly used car (4k miles), we traded in a car that we were pretty upside down in. We finished all of the paperwork, we were provided the monthly payments and finance company name etc etc. Three days later the Finance guy comes and states that he input the WRONG PayOFF amount into the loan and now we have to come pay an additional $500 down on top of the 1500 we have already put down. He says that if we don't pay the $500 that the loan company will bill us for the correct payoff amount difference which is 1,800.00. Is this normal? Should I pay yhe 500? What to do :(
 


Zigner

Zigner

Senior Member, Non-Attorney
shepard0317 said:
What is the name of your state (only U.S. law)? Tennessee

I just bought a slightly used car (4k miles), we traded in a car that we were pretty upside down in. We finished all of the paperwork, we were provided the monthly payments and finance company name etc etc. Three days later the Finance guy comes and states that he input the WRONG PayOFF amount into the loan and now we have to come pay an additional $500 down on top of the 1500 we have already put down. He says that if we don't pay the $500 that the loan company will bill us for the correct payoff amount difference which is 1,800.00. Is this normal? Should I pay yhe 500? What to do :(
Click to expand...
You're going to have to pay the $500 either way.
 
S

shepard0317

Junior Member
Awe :(, I just found it odd that we could pay the dealer $500.00, or the finance company $1,800.00, like what type of priveledge did he get over the finance company.
 
K

Kiawah

Senior Member
As part of the deal, you've already paid the wrong smaller payoff amount, of which the dealership went to pay off your loan and found that amount was incorrect. So you add another 500 to it (quickly, or you'll owe additional interest) so they can then pay off the loan.

Did you provide them the payoff amount when they were putting the deal together?
 
S

shepard0317

Junior Member
No, actually they provided their own payoff amount on my vehicle. We actually told them OVER what the REAL payoff amount was , and way over what they did the paperwork for. Infact, we told them it was 13,000, they did the paperwork at 9,500.00?
 
Q

QueenofEngland

Member
If all parties have already signed the contract with the "wrong" payoff amount, then it should be legally-binding. After all, if they erred in their favor, they'd hold you to it because you signed, right?
 
Zigner

Zigner

Senior Member, Non-Attorney
QueenofEngland said:
If all parties have already signed the contract with the "wrong" payoff amount, then it should be legally-binding. After all, if they erred in their favor, they'd hold you to it because you signed, right?
Click to expand...
Legally wrong.
The OP is responsible to make sure his prior obligation is met.
 
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