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  1. #1

    Default Car Sales Contract Did Not Include Enough for Payoff

    My question involves a consumer law issue in the State of: florida

    bought a car about 10 days ago, dealer allocated about $300 less than my actual payoff for my trade in, of course they want me to give them the difference. am i obligated? already have financing for new vehicle, and they are past their 10 day option to cancel the contract. i dont mind spliting the difference, but they should have put the correct amount for my payoff which i told them up front, they simply rounded the amount down when they typed it up for whatever reason. so far the trade in has not been paid off.

    so: am i obligated to pay the difference to the dealer, or do they eat the loss and if its thier loss, how do i convey that nicely?
    and
    how long do they have to pay the loan? they already have my trade listed for sale.

  2. #2
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    Default Re: Car Sales Contract Did Not Include Enough for Payoff

    I cannot see the contract, and thus cannot tell you its terms or how they would apply. If the contract commits them to paying off the trade-in in a specific amount, that's what they're obligated to do - and if you still owe $300 then you still owe $300. If they listed an amount but committed to paying off the trade-in in full, regardless of how much was owed (and I doubt that's the case), then they're obligated to pay off the car despite the error.

    You may have the ability to try to void the contract based upon the mistake; but again, that's not something I can assess without reading the contract.

  3. #3

    Default Re: Car Sales Contract Did Not Include Enough for Payoff

    Thanks for the reply.
    I ended up going to the bank, explaining what was going on and paying down the balance so that it would be less than what was allocated on the contract for the pay-off. The bank indicated that any overage would be credited to my account (I also have a checking and savings account with them). As a payment was then due, it seemed prudent to pay it rather than risk the payment getting counted as late while waiting on the dealer to send the check.

    I provided the dealer with the banks print out of the payoff amount and indicated they could send the check since the payoff was now less than the check.

    Now, to wait and see if the dealer sends the full $18k that I paid for, or just the exact payoff. If they just send the exact payoff amount, I should be able to recover the difference, though it may take forever to get it, I'm still waiting on the difference between the actual cost of my tag transfer and what I paid for it.

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