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OP probably gave them the wrong payoff amount, and the dealer was unable to verify because the bank was closed because it was on the weekend. Happens all the time.
If that is what happened, then OP is on the hook for the difference.
Check your paperwork. Often times (at least around here) the payoff might be slightly different than the 10day payoff. I signed paperwork on my last few vehicles agreeing that if the payoff was an estimate, and if different than what was written I would be responsible for paying the difference.
A friend of mine traded a car they originally bought from the dealer back for a different car. Dealer found out there was some undercarriage damage from some minor accident when his son drove over some road debris and wanted a few more grand for the trade or something. Guess it ain't over until all the ifs ands and butts are satisfied.
I had a strange occurrence month ago after the purchase of a new 2005 Silverado. I had a part on order from the original deal; an organizer for the console. Parts called me, said it was in. I went to pick it up, parts guy told me to go to the sales manager.
Sales manager not only gave me the organizer, but also a check for $1000.00. Seems that after I purchased the vehicle, the dealer was notified by GM that there was an extra $1000.00 rebate applied to that particular vehicle since it had been in inventory for x-number of days.
Dealer had no idea since the vehicle was actually traded from a dealer in MT. However, GM caught it, and notified the dealer.
I would never have known if the dealer had not given me the check.
So, there are good, honest dealers out there.
This is a post from 2013, so hopefully they got it worked out, but if anyone is to blame for people thinking this a scam, it is the dealers that pull very similar scams to this every day telling people that loans did not get approved, etc to get more money after the fact. Dealers are supposed to be professionals, they should act professionally.
But, yes, it all goes back to the contract.
Seems you are speaking out of both sides of your mouth. A signed contract is not a scam in any form. Yes this is old but this is very common practice. Many times the financing company is not open so they do estimate. You sign a contract stating it's an estimate and any shortage will be made up by you and any overage will be refunded.
Just because people hope for the best and dont get it, doesn't make something a scam. A buyer has every right to walk away and state they will wait to sign until after the actual payoff is acquired.
People want the car now though. A dealership can't just take the word of someone concerning what is owed.
A friend of mine traded a car they originally bought from the dealer back for a different car. Dealer found out there was some undercarriage damage from some minor accident when his son drove over some road debris and wanted a few more grand for the trade or something. Guess it ain't over until all the ifs ands and butts are satisfied.
Seems you are speaking out of both sides of your mouth. A signed contract is not a scam in any form. Yes this is old but this is very common practice. Many times the financing company is not open so they do estimate. You sign a contract stating it's an estimate and any shortage will be made up by you and any overage will be refunded.
Just because people hope for the best and dont get it, doesn't make something a scam. A buyer has every right to walk away and state they will wait to sign until after the actual payoff is acquired.
People want the car now though. A dealership can't just take the word of someone concerning what is owed.
I am not talking out of both sides of my mouth, we are talking about two different issues.
One is what if anything is in the contract regarding a discrepancy on the dealer's part due to an incorrect report of the payoff amount.
The other is shady dealers, lying and cheating people with similar scams making it difficult for legit dealers to conduct business. Next, you will tell me the dealer really does want my specific car to trade in and it really is in high demand, so I should really just rush down and do a deal RIGHT NOW.
It is a standard trick in that business to call a few days later and say financing fell through and the deal has to be re-negotiated. Read the paperwork closely and it is in there.
Now the OP said the financing was all approved so I say tell the dealer to pound sand.
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