Dealer shorted pay-off

[Wsmoyer21]

I live in Las Vegas and recently purchased a new vehicle and traded my old one in. On the purchase agreement form it says the dealer would pay off approximately $9500. They took almost a month to pay it off so I made a payment in the mean time. Once they did send the payoff the only paid $9200 the amount after my payment. Do I have any grounds to recoup my $300?

 

[quincy]

I live in Las Vegas and recently purchased a new vehicle and traded my old one in. On the purchase agreement form it says the dealer would pay off approximately $9500. They took almost a month to pay it off so I made a payment in the mean time. Once they did send the payoff the only paid $9200 the amount after my payment. Do I have any grounds to recoup my $300?

You could ask the dealer for $300 but it appears the agreement was for the dealer to pay off the balance owing on your old vehicle loan. The payoff amount on the loan was $9200 so that is what the dealer paid. The dealer met the terms of your agreement.

 

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Purchase order

Does your purchase order state $9500? If so, they owe you the remaining $300.

Experienced in lending..

 

[quincy]

Does your purchase order state $9500? If so, they owe you the remaining $300.

Experienced in lending..

The purchase agreement, according to Wsmoyer, said "approximately $9500."

The exact payoff amount would be verified by the lender before the dealer paid anything.

 

[LdiJ]

The purchase agreement, according to Wsmoyer, said "approximately $9500."

The exact payoff amount would be verified by the lender before the dealer paid anything.

The "approximately" might have been the OP's words rather than the contract's.

 

[Zigner]

Either way, the OP was going to pay for it. If the dealership had paid off $9,500, then the OP would owe the "additional" $300 on the purchase contract.

 

[LdiJ]

Either way, the OP was going to pay for it. If the dealership had paid off $9,500, then the OP would owe the "additional" $300 on the purchase contract.

Huh? I was reading it as the contract said 9500.00 but the dealer took so long to make the payoff that the OP had to make another 300.00 payment to avoid any dings on his credit, therefore the dealer only had to pay 9200.00. Therefore the dealer got out of paying 300.00 that the dealer had contracted to pay, and the OP got stuck paying $300.00 that was the dealer's responsibility. Are you reading it differently than that?

 

[Zigner]

Huh? I was reading it as the contract said 9500.00 but the dealer took so long to make the payoff that the OP had to make another 300.00 payment to avoid any dings on his credit, therefore the dealer only had to pay 9200.00. Therefore the dealer got out of paying 300.00 that the dealer had contracted to pay, and the OP got stuck paying $300.00 that was the dealer's responsibility. Are you reading it differently than that?

I'm assuming that the OP financed a new car and used his old one as a trade. Because he owed money on the trade, the balance due was added to his loan. If the OP paid $300 for the next payment, and the dealer only paid $9,200 (instead of $9,500), then it's a wash.

I guess the question that needs to be answered is whether or not the OP financed this new car, including the amount due on the old one...

 

[LdiJ]

I'm assuming that the OP financed a new car and used his old one as a trade. Because he owed money on the trade, the balance due was added to his loan. If the OP paid $300 for the next payment, and the dealer only paid $9,200 (instead of $9,500), then it's a wash.

I guess the question that needs to be answered is whether or not the OP financed this new car, including the amount due on the old one...

I understand what you are saying, but I think that there is one more question:

Did the finance company forward 9500.00 to the dealer for that part of the transaction, or did the finance company only forward 9200.00? I am guessing that the finance company would have funded the OP's purchase of the car long before the dealer made the payment to the old finance company.

 

[Zigner]

I understand what you are saying, but I think that there is one more question:

Did the finance company forward 9500.00 to the dealer for that part of the transaction, or did the finance company only forward 9200.00? I am guessing that the finance company would have funded the OP's purchase of the car long before the dealer made the payment to the old finance company.

That's a fair point...