Money for auto trade in

[ProAngler]

I recently bought a new vehicle from the dealership on 12/28 and they were paying the rest of my previous loan on a totaled vehicle. How long does the dealership have to get a check sent over? It has been over a month now and I keep going back and forth with them.

 

[Just Blue]

I recently bought a new vehicle from the dealership on 12/28 and they were paying the rest of my previous loan on a totaled vehicle. How long does the dealership have to get a check sent over? It has been over a month now and I keep going back and forth with them.

What state?

 

[ProAngler]

What state?

Texas

 

[NeilTheCop]

Send the check to whom?

 

[Zigner]

Send the check to whom?

To the lender/lienholder on the trade.

EDIT: Ok, probably not a "trade" - so let's just say "To the prior lender/lienholder".

 

[NeilTheCop]

Understood.
Is the finance company still expecting the monthly payment for the totaled car?

 

[ProAngler]

Understood.
Is the finance company still expecting the monthly payment for the totaled car?

Yes, I did not have GAP coverage so there is still a remaining balance on my totaled loan. The dealership is supposed to be sending a check to pay that off and has included that total in my new vehicles financing. Curious what the limit is on how many days they can take, I assume there is some restriction.
I already had to make 1 payment as it was about to be late and I was told I will receive the difference when the check comes through.

 

[Zigner]

Yes, I did not have GAP coverage so there is still a remaining balance on my totaled loan. The dealership is supposed to be sending a check to pay that off and has included that total in my new vehicles financing. Curious what the limit is on how many days they can take, I assume there is some restriction.
I already had to make 1 payment as it was about to be late and I was told I will receive the difference when the check comes through.

30 days seems reasonable, but up to 60 wouldn't be unheard of. When they do send the check, it will result in there being a credit balance on your loan. The former lender will be responsible for refunding that to you.