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Old 07-17-2009, 10:27 PM
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Dealership question-10 day payoff...

I bought a Toyota Tacoma from the local Kendall here on 7/6/09 and I am a little confused at a few things, specifically the 10 day pay off and would love some advise or explanation on what it means for a 10 day payoff.

I called Kendall finance 7/16/09 asking about a 10 day loan payoff on my 06 Accord (which I traded in for the truck) and asked when I could expect to have the car paid, and was told that paperwork was not finished and could not be processed until the paperwork was in. So I asked what paperwork was lacking, and was told some kind of school rebate documents (I got two rebates one for graduates and one for any joe blow/cash incentive)

I stated I was specifically confused at why, it has been 10 days why the car has not been paid off and what the problem is when I stated during the signing I would not have the transcript/grades paperwork for a few weeks until after I graduated, and why my 10 day loan payoff would be halted until I "submitted" the documents which I was never told of.

I explained I was at work on lunch and work 12 hour shifts and would not be able to do anything that day but wanted a call back knowing how I would get my car back and return the truck if this was going to be another issue considering I have dealt with a plenty so far with Kendall (a whole another long story) and I am done with the issues at this point and just had enough. The guy stated he would have someone call me soon.

The person that called me stated that they had to have the paperwork in before they would submit it to Toyota otherwise it could be denied and they would be out the 1,000 rebate, I explained that I was never told this and that I was told my car would be paid off before 10 days...

Does anyone know how this works or what exactly a 10 day payoff means or what I can do from my standpoint, I tried to Google it but I didn't come up with anything that helped me
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Old 07-19-2009, 05:30 AM
mjt mjt is offline
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10-day payoff is usually in regards to requesting the amount to pay the loan balance in full.

When that's done, and you (or the dealership) request to pay off the loan in full, they'll (loan company) usually give you a 10-day window to pay the specified balance. This is done because interest can accrue daily.

My ex-gf had an issue w/ a dealership when she traded in her car. We received the payoff amount of the car as of that day, and the dealership was responsible for paying the loan off (she owed less than what they gave her) once it was traded in. (Note: your name will still be on the loan, and it can still damage your credit rating if the loan goes unpaid past its next payment date) I'm a stickler w/ finances and asked her to follow-up after 10 days to ensure it was paid off, it wasn't.

After a few calls to the dealership they eventually got their as*es in gear and sent in the check to pay the loan. Since the ex-gf and I had documentation to show she had traded in the car and the dealership agreed to pay the loan balance (as of that date), they were held liable for paying any extra interest that accrued, which they did.

In short...

- Make sure you have documentation of the original agreement
- follow-up until the loan is paid off.
- do not let them try to haggle you into paying any extra interest
- If this takes an extended amount of time you might want to consult a lawyer (to avoid any add'l charges the loan company may tack on)

hope this helps
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Last edited by mjt; 07-19-2009 at 05:32 AM.
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Old 07-20-2009, 11:58 PM
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Quote:
Originally Posted by mjt View Post
10-day payoff is usually in regards to requesting the amount to pay the loan balance in full.

When that's done, and you (or the dealership) request to pay off the loan in full, they'll (loan company) usually give you a 10-day window to pay the specified balance. This is done because interest can accrue daily.

My ex-gf had an issue w/ a dealership when she traded in her car. We received the payoff amount of the car as of that day, and the dealership was responsible for paying the loan off (she owed less than what they gave her) once it was traded in. (Note: your name will still be on the loan, and it can still damage your credit rating if the loan goes unpaid past its next payment date) I'm a stickler w/ finances and asked her to follow-up after 10 days to ensure it was paid off, it wasn't.

After a few calls to the dealership they eventually got their as*es in gear and sent in the check to pay the loan. Since the ex-gf and I had documentation to show she had traded in the car and the dealership agreed to pay the loan balance (as of that date), they were held liable for paying any extra interest that accrued, which they did.

In short...

- Make sure you have documentation of the original agreement
- follow-up until the loan is paid off.
- do not let them try to haggle you into paying any extra interest
- If this takes an extended amount of time you might want to consult a lawyer (to avoid any add'l charges the loan company may tack on)

hope this helps

Thank You

The bank also confirmed since they did fax them a 10 day pay off they hold them responsible for paying it off, just wasn't sure legally who was responsible if they "didn't pay it off asap"

My next payment isn't due until late next month, but I still wanted to make sure since I they seemed not to be in a rush to pay this off Especially since now I do have more interest since it was at the 10 day mark on the 16
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