BarbOurYear
New Member
My jurisdiction is: Orange County, CA
A couple of yrs ago my husband purchased a new car for our son. The contract shows my husband as the Buyer and our son as the Co-Buyer. With our permission, our son traded in the car and drove off the lot in a different (used) vehicle. This took place on 8-7-09.
To date, the used car dealership has not sent the payoff to the finance company of the traded-in vehicle. The next payment due on that car would have come up on 9-6-09. The dealership says there was a delay in being able to verify our son's employment.
The used car dealership has the trade-in, our son has their new-to-him vehicle, we canceled the old car insurance, and the next payment is due in a couple of days.
Is this used car dealership required to pay off the loan on the trade in within a certain period of time? If they don't, what recourse do we have re: late fees and a ding to our credit? It all seems a bit shady to me. Any advice?
A couple of yrs ago my husband purchased a new car for our son. The contract shows my husband as the Buyer and our son as the Co-Buyer. With our permission, our son traded in the car and drove off the lot in a different (used) vehicle. This took place on 8-7-09.
To date, the used car dealership has not sent the payoff to the finance company of the traded-in vehicle. The next payment due on that car would have come up on 9-6-09. The dealership says there was a delay in being able to verify our son's employment.
The used car dealership has the trade-in, our son has their new-to-him vehicle, we canceled the old car insurance, and the next payment is due in a couple of days.
Is this used car dealership required to pay off the loan on the trade in within a certain period of time? If they don't, what recourse do we have re: late fees and a ding to our credit? It all seems a bit shady to me. Any advice?
