Random Question

[emilboya]

Hi everyone-Have a random question not directly Jeep related but wanted your feedback.

My wife traded in her 2019 Grand Cherokee for a 2024 Wrangler Willy's 1 week ago.

The payment on the grand Cherokee (traded in vehicle) is due on the 30th of this month. I called the accounting dept. at the dealership and have been getting the run around, but seems they plan to overnight a check for the payoff this week (I'm doubtful as its the end of the year and they seems to be very slow to get back).

My question is:

1. Im worried the dealership will take their time and miss the 30th deadline, do I make the payment to avoid an impact on my credit? If I do make the payment, I assume I will get a refund on this one payment after the lender receives the payoff check? How do I ensure the refund does not go back to the dealership?

2. Let the dealership do it's thing and even if the check is late is it true it won't impact my credit until it hits 30 days past due?

Again I know these are questions I need to ask the dealership/finance lender but I have been getting the run around and just wanted your advice.

Thanks again and appreciate any feedback!

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[The Last Cowboy]

Contact the company/bank/institution that holds your lein and inform them of the situation. Be prepared to fax them the documents that pertain to your trade.

 

[cmheap]

Contact the company/bank/institution that holds your lein and inform them of the situation. Be prepared to fax them the documents that pertain to your trade.

This absolutely... but if they don't care or won't work with you, it'd be best to make the payment and then work with the dealership to get reimbursed for that payment amount after everything settles. You're still on the hook for that loan payment until it's' completely paid off.

I'm going through a total loss claim on my daughter's car and am dealing with a similar pay off delay situation. It sucks and I hope everything works out for you without too much more headaches!

 

[KevinC11]

Same thing happened to me. Dealer was slow getting my pay-off balance to the bank. I think dealers like to hold out as long as possible to collect interest if it is end of month. As yours is.

I went ahead and paid my monthly payment to avoid any drama. Once the dealer sent in the pay-off balance, the bank sent me a check for the amount I paid. It all worked out.

Funny thing is the dealer had my trade in for sale on their lot two days after I traded. It took two weeks to get pay-off. I don't think they could have sold it.

KevinC

 

[Old Jeeper]

Hi everyone-Have a random question not directly Jeep related but wanted your feedback.

My wife traded in her 2019 Grand Cherokee for a 2024 Wrangler Willy's 1 week ago.

The payment on the grand Cherokee (traded in vehicle) is due on the 30th of this month. I called the accounting dept. at the dealership and have been getting the run around, but seems they plan to overnight a check for the payoff this week (I'm doubtful as its the end of the year and they seems to be very slow to get back).

My question is:

1. Im worried the dealership will take their time and miss the 30th deadline, do I make the payment to avoid an impact on my credit? If I do make the payment, I assume I will get a refund on this one payment after the lender receives the payoff check? How do I ensure the refund does not go back to the dealership?

2. Let the dealership do it's thing and even if the check is late is it true it won't impact my credit until it hits 30 days past due?

Again I know these are questions I need to ask the dealership/finance lender but I have been getting the run around and just wanted your advice.

Thanks again and appreciate any feedback!

KNOW problem in the auto buying world.

The dealer keeps the payoff as long as can because you get dinged on making the payment and they go days/weeks before they make the payoff.


IF you can, Payoff your vehicle BEFORE you trade it in so you do not end of carrying the dealer up to almost 30 days which is a full payment for YOU that you should not have had to make.

Something I got stung on was I forgot to stop my auto-pay on my car when I traded it in. So 2 months later I noticed my bank was still sending auto-pay to the bank that had loaned me the money. I stopped payment and called the bank and requested my 2 payments back that I had made AFTER the trade-in and I was making payments on my new car to another bank.

Their answer: NO we are keeping your 2 extra payments and you can obtain a lawyer to retrieve you funds.

No lawyer is going to sue a bank on $600 bucks of overpayments and not charge for the effort. I checked with a couple of lawyers and when I called and told them my story...they laughed and said this was nothing new. Banks will do this knowing you cannot get your money back that will even begin to cover your legal fees. Because they will drag this out in court and you could spend $5k or more trying to get your $600 bucks back.

 

[The Last Cowboy]

^^^^^ That, right there, is why I make the payments one at a time. Never allow them to draw off of you account or have any kind of auto pay set up.

 

[Bayrat]

^^^^^ That, right there, is why I make the payments one at a time. Never allow them to draw off of you account or have any kind of auto pay set up.

Yes this, ? and also try not to deal with banks. Credit unions are much more user friendly, in my experience.

 

[emilboya]

Hi everyone, thanks for all the feedback!

Dealership just called me saying they overnighted the check yesterday to the lender.

Since the payment is due 12/30, can I finally relax and not worry, or should I still make the payment as the check may not get to them until a few days after the 30th? Or should that not matter as that should be in their grace period?

 

[3TV]

You don't even own the Grand Cherokee anymore. The day you traded it in it became the dealerships vehicle. Don't worry about it.

 

[Bandit59]

Same thing happened to me. Dealer was slow getting my pay-off balance to the bank. I think dealers like to hold out as long as possible to collect interest if it is end of month. As yours is.

I went ahead and paid my monthly payment to avoid any drama. Once the dealer sent in the pay-off balance, the bank sent me a check for the amount I paid. It all worked out.

Funny thing is the dealer had my trade in for sale on their lot two days after I traded. It took two weeks to get pay-off. I don't think they could have sold it.

KevinC

You signed

Hi everyone-Have a random question not directly Jeep related but wanted your feedback.

My wife traded in her 2019 Grand Cherokee for a 2024 Wrangler Willy's 1 week ago.

The payment on the grand Cherokee (traded in vehicle) is due on the 30th of this month. I called the accounting dept. at the dealership and have been getting the run around, but seems they plan to overnight a check for the payoff this week (I'm doubtful as its the end of the year and they seems to be very slow to get back).

My question is:

1. Im worried the dealership will take their time and miss the 30th deadline, do I make the payment to avoid an impact on my credit? If I do make the payment, I assume I will get a refund on this one payment after the lender receives the payoff check? How do I ensure the refund does not go back to the dealership?

2. Let the dealership do it's thing and even if the check is late is it true it won't impact my credit until it hits 30 days past due?

Again I know these are questions I need to ask the dealership/finance lender but I have been getting the run around and just wanted your advice.

Thanks again and appreciate any feedback!

nothing to worry about. They know how long your payoff is good for. They allow time for all that to happen. Most auto loans have a grace period anyway. I have even gotten a check back for an overpayment on a payoff. Would not worry about it

 

[Koolkarguy]

Hi everyone-Have a random question not directly Jeep related but wanted your feedback.

My wife traded in her 2019 Grand Cherokee for a 2024 Wrangler Willy's 1 week ago.

The payment on the grand Cherokee (traded in vehicle) is due on the 30th of this month. I called the accounting dept. at the dealership and have been getting the run around, but seems they plan to overnight a check for the payoff this week (I'm doubtful as its the end of the year and they seems to be very slow to get back).

My question is:

1. Im worried the dealership will take their time and miss the 30th deadline, do I make the payment to avoid an impact on my credit? If I do make the payment, I assume I will get a refund on this one payment after the lender receives the payoff check? How do I ensure the refund does not go back to the dealership?

2. Let the dealership do it's thing and even if the check is late is it true it won't impact my credit until it hits 30 days past due?

Again I know these are questions I need to ask the dealership/finance lender but I have been getting the run around and just wanted your advice.

Thanks again and appreciate any feedback!

Ok I'm a dealer have been 35 years usually dealers new ir used that don't send payoff immediately adter the trade are dealerships that have financial issues. The reason being is they try and sell your trade wholesake or retail before they have to pay for it. The Co/Wy/Sd law clearly states the trade has to be paid within 10 days of deal being complete . I personally would call your bank inform them it is traded in and the date and ask there late policy also keep an eye on when the bank gets there money to make sure it has been paidoff in full. Good luck

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