I traded in my Scion tc 2 weeks ago when I bought my G37 and I just noticed on my bank statement that a payment was made on my Scion loan. I have autopayment and 2 weeks later it seems my trade in has still not been paid off by the dealer. I called and my salesman told me to try back Monday morning he would contact the people in charge of the trade payoff. My problem with this is that if I didn't have autopayment I would have missed a payment in the bank's eyes. The other problem is now I owe less on the trade in than what I was given toward my G37 due to my autopayment paying down the loan another $400+. Has anyone had experience with trade ins?? Is this normal or what, I spoke to a buddy who told me not to worry it sometimes takes 4 or 5 weeks, but can anyone else here confirm that the trade in payoffs take some time to happen?? :

 

?? You sold your car without having contacted the bank for the Scion loan?? Shouldn't arrangements like that be made beforehand?

 

Why would I have to contact the bank regarding my loan on the trade in, the dealer is the one buying the car off of the bank? They were taking care of everything for me, I didn't think I would have to contact the bank regarding my loan if the dealer is going to be paying it off when I traded it in. They found out what I owed and deducted that off what we agreed on my trade value etc.

 

I guess state laws are different?? But where I come from, a person who takes out a loan on a car cannot sell his car without permission by the bank.

Meanwhile, you're paying money on a car you no longer have.

 

Why would you need permission? You pay off the loan (or in this case the dealership) and you're done with it. The financing company doesn't need permission. They should be notified.

As for the OP it's possible it takes more than 2 weeks for the lender to receive and process full payment. Regardless, you'll need to follow up with both the dealership and the lender to make things are sorted out and you receive the difference.

 

It took Infiniti 5 weeks to pay my Solara off. When they paid it off, I got a refund check from the bank that my car was financed through for the overpayment on the loan. Don't worry about it- it usually takes 3-4 weeks ast least to get it all done.

 

Thanks for that info, I feel much better now. I actually talked to a friend of mine who bought a G35 Sedan last year and said the same thing, it took about 5 weeks to get his check for the difference. I've never traded in a car so this seemed odd to me, but now it makes sense, I didn't realize this was all normal procedure, thanks for your reply!!