My question involves a consumer law issue in the State of: California
I traded in a car that I've owned for a few weeks for a new car at one dealership, with a remaining balance (approx. a few thousand dollars) last thursday. So the dealership appraised my trade-in and deduct this remaining balance from the trade-in value, telling me that they'll take over the loan. Should I receive any proof of loan transfer other than the pink copy of release of liability to the dealership (with the dealership being the buyer stating the purchase amount before the balance deduction)?
Based on this release of liability, will the dealership make the pay-off amount for my trade-in in a timely fashion? Are they required to do so?
What legal safeguards do I have to ensure that they pay the pay-off amount in a timely fashion - even though they are a high-end dealership?
I offered to first pay off my remaining amount before we went ahead with the transaction; but they said they would take care of it. Today,when I checked my account, the balance for the trade-in car is still there, so I am a little concern if they could delay the payment, which would in turn damage my credit score. Or am I off the hook once the release of liability is signed? Since I've already made the last payment (for two full months), the next payment is not due until 6th of june. Please advise.