My question involves a consumer law issue in the State of: Tennessee
I recently traded in a Mercedes for a Jaguar. The Mercedes had an $18,000 balance on the loan. The dealer gave us a trade in value of $14,000 for the Mercedes tacking the difference onto the Jag loan. The finance company for the Merc called me a month and a half after the sale and said that my payment was overdue and in 4 days the account will be delinquent and will effect my credit. I called the dealer they said they sent check a week ago.
1. If I am still liable to the Merc finance company, (I assume I am.. they didn't trade the car) and the dealer doesn't pay the payoff, can I just pick up the car? and get the $4000 difference back that they tacked on the loan for the Merc?
2. Assuming dealer did send payoff and it gets there too late. If I pay the finance company another payment in order to save credit, can I go after the dealer for that amount?
3. Assuming dealer did send payoff and it gets there too late. Credit gets scuffed. Do I have recourse and can my demerit be cleansed?