Dealership not paying trade-in balance: Can ruin my credit!!!

[egrizzly]

Have you contacted C1 to see if it has been received?
MightyMoose is correct, the check could arrive on Monday in a mail room, and take a day or two to get posted to your account.

I'll call CapitalOne again today during their business hours. I remain highly optimistic given all the advise from you guys. By the way, big thanks. You guys have been of tremendous help.

 

[txls]

You could ask him for a copy of the check although that doesn't prove it has been mailed.
I'm not surprised there is no tracking. And yes banks can be a little slow about opening their mail and applying payment to accounts. 10 days is not unusual

 

[txls]

You could ask him for a copy of the check although that doesn't prove it has been mailed.
I'm not surprised there is no tracking. And yes banks can be a little slow about opening their mail and applying payment to accounts. 10 days is not unusual

 

[egrizzly]

omg!!! The drama continues. I had actually went to the dealership (yet AGAIN) to sort this stuff out and discovered that the VIN# they used on my contract was a completely different VIN. They're claiming that's why the payment got delayed.

I have no idea where they got that from but I had double-checked it with pictures of my VIN number I had taken recently as well as having the lien-holder of the vehicle (CapitalOne) email me documents stating what the VIN was.

Being that they screwed up the VIN, can I sue them to pay the balance. It was after all their negligence that led to the payment getting delayed.

 

[mightymoose]

Can you? Yes.
Will you succeed? Probably not.

Wheat exactly are your damages here?

 

[egrizzly]

Can you? Yes.
Will you succeed? Probably not.

Wheat exactly are your damages here?

Is ruined credit not damage enough?

 

[mightymoose]

No.
As previously discussed, it was your responsibility to make payments until the payoff was completed.

 

[egrizzly]

No.
As previously discussed, it was your responsibility to make payments until the payoff was completed.

Moose how long does it take them to complete the payment to the previous lien holder(CapitalOne)

 

[mightymoose]

It varies.
Apparently there was a discrepancy with yours so it took longer.
Meanwhile you remain responsible for your monthly payment to Capital One.
Nobody else is responsible for damage to your credit, but if a negative mark was made you might be able to explain the unusual situation to the creditor and get the negative mark removed.

 

[txls]

Okay I did the research.

(c) A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:

(1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and

(2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.

 

[mightymoose]

Per (2), I would expect the vin discrepancy set that date back quite a ways.

 

[egrizzly]

Okay I did the research.

(c) A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:

(1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle; and

(2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.

TXLS which document or website did you get this information from? Could you share please.

 

[txls]

I work for a dealership so I have resources not necessarily available to the public. I don't recall the exact "source" of the information. I think your best bet would be to contact motor vehicle licensing division.