So, I recently rolled some negative equality into a new car loan and it is a much better deal all around. The dealer said they would pay the vehicle off within the 10 day quote period. Well, It has ended on the 23rd (3/13-3/23) and I still see no notice on my bank lender account about this being paid off. I called and they said the dealer called on the 23rd- but couldn't say much more, they mentioned it could have been extended to April 2nd, and I guess they ate the extra 10 fee or what. I asked about how it would effect me with my payment date coming up (3/31). I informed my current bank lender holding this car that the dealer told me I would not need to pay anymore due to them paying the loan off. My bank with this loan told me not to worry, there is a 10 day grace period and they can't report a late until 30 days. Assuring me they would get a check before then. I have no clue who to call at the dealership and inquire about the payment status. I have no doubt they will pay this off- they are the biggest Toyota dealer in South Florida. But it's just my nerves and anxiety with payments, I stress over too much. Does anyone have an idea who to reach out to at the dealership maybe finanace dept? And has anyone encountered this situation? Thanks.
Yes, you'd reach out to the finance department.
If you are worried about a late payment, make your payment by the due date. When the dealership pays off your loan, your lender will refund you the over payment (depending on lender could be as little as 3 day's to around 90 days to receive the refund).
Congratulations on the new vehicle!