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loan not payed off when car traded in

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L. Mccoy

What is the name of your state? Tennessee
I traded in a vehicle on Aug. 31st. The car lot said the loan balance would be paid off in 10 day's. I paid the interest on the loan to the car lot for the 10 day window.
I found out today that they to date have not paid off the loan. I received a bill for 2 months car note.
The car lot stated that they sold the van a couple of days after we traded it in. However GMAC says that they have not received any payment and they still have the title to the van.
Please help what should I do? The car lot says they did pay and Gmac say's they have not. In the mean time my credit is at stake.
For the record, I think the car lot may be lying because when we call to try to rectify the matter the finance guy/ manager is a jerk and gets an attitude like we have no business questioning him. He also contradicts what he tells me and then my husband.
Please help any advice is appreciated.


Senior Member
Send letters to the dealer finance manager and dealership owner, certified, RRR, and tell them that the conditions of the purchase agreement have not been fullfilled. Give them all the facts, include copies of all correspondence with the original vehicle creditor, and give them a period of time to comply (7 days max, I would give 3) to rectify the problem or you will sue them for the amount owed, all costs associated with suing them (lawyer and court costs), and an amount of cash for the irritation this matter is causing you. Also ask for any proof the original creditor has been paid (copies of checks or bank drafts). Keep a copy of all correspondence and if they do not comply, find yourself an attorney immediatly.

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