@Appleman wrote:
I purchased a car November 27, 2015. Traded in a vehicle that had a payoff and used the dealer financing (JPMorgan Chase) to finance the deal. Had the one HP from chase that night. SO, here I am 2 weeks later and I have yet to hear from JPMorgan Chase and my trade has not been paid off yet. Is this within the normal timeframe or should I be concerned? I have an automatic payment on the 20th on my trade which I will make if the car is not paid off.
I will give the dealer a call next week if I don't see some progress. I certainly thought that things would have been completed already.
Each dealership is different however this is standard procedure with payoff vehices.....on the day you trade your car in, the dealer receives a 10 day payoff from your lender. This amount is calculated into your Bill of Sale. They will also receive a Per Diem which the dealer works with. It is in the dealer's advantage to payoff your vehicle before the 10 days passes or they will have to ask for another amount and risk paying extra interest. If you have an automatic payment due and taken before your payoff is made, you will be refunded this payment by your lender. Regardless, the dealer can't sell your trade without a title and can't obtain the title until they pay off your loan.
By all means call the F&I at the dealership and ask why the payoff hasn't been made. Sometimes the lender may receive the payoff and it sits on a desk for a few days before it's taken care of. I've seen that happen many times. Congrats on your new car.
