How long does a car dealer have to pay off the loan for a traded in vehicle?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How long does a car dealer have to pay off the loan for a traded in vehicle?
I traded in a vehicle to a NM auto dealer. They agreed to pay off the entire amount owed on the vehicle. It is now 30 days later and the dealer sold my trade-in to another customer but hasstill not paid off my lien. Is there a time limit the dealer has to pay for the vehicle? Is it legal for the dealer to sell my trade-in before they actually own it?
Asked on March 11, 2011 under General Practice, New Mexico
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This all does not sound too good, especially for you as the loan is still in your name, correct? Did you write the agreement in to the contract for the sale of the new vehicle? That theywould pay off the existing loan? You have really hit the nail on the head when you bring up the issue of the transfer. The title is not clear here and so all these transfers without a clear title is very suspicious (I am assuming that the lien holder - the bank - is on the title, correct?). Anyway, I would have someone look at your contract for you and look in to the matter as soon as you can and before you incur any liability. Good luck to you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.