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I bought a pre-owned truck from a huge dealer in Houston. I was told the trade in had to clear before i could bring it home. It's been week and they keep telling me they are waiting to get paid for the previous deal so they cant give me the truck. How can i get this truck?
If you owed money on the vehicle you traded in, the dealer has to pay off that loan, and wait to get the lien-release card, before they can get the title. Depending on the bank, this could take a couple weeks.
I suspect that's what is going on. If it's a legitimate dealership (as opposed to one of those "buy here pay here" crap holes), there's nothing horrible going on.
thanks for responding...I didn't have a trade in. I bought a trade in that they are waiting to get paid for. They keep telling me they are waiting for the check to come in the mail. If i have already signed the contract and been approved for the loan. Can they keep me from getting this truck if its been sold to me?
thanks for responding...I didn't have a trade in. I bought a trade in that they are waiting to get paid for. They keep telling me they are waiting for the check to come in the mail. If i have already signed the contract and been approved for the loan. Can they keep me from getting this truck if its been sold to me?
That doesn't make any sense. If they 'took' a trade-in, why would they be getting paid for it? I'm guessing the dealer had to pay off the older leinholder, then get the title and transfer it to your lender. I would talk to your lender and verify that your loan clock doesn't start until they receive the title from the dealer.
Then you found the problem, the dealer is waiting for you to pay for it first.
pre-approved does not mean the check is ready to be sent to the dealer.
Call the dealer then go to your bank and do the paper work.
Quote:
Originally Posted by mgshouston
I spoke to the lender, they have nothing on file of me at all
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