Im having Finance department issues where I purchased a vehicle

so I traded in a vehicle told the dealer what I owed. I then verified with the bank to get the exact number. Gave that amount to sales manager. Now I'm getting a call saying that the amount I gave is 350.00 dollars off and if I don't pay it I will have two car payments. Anyone here can help?

 

Is the deal done? Do you have the new truck? What exactly happened? The pay off value should be written on your sales / finance paperwork if this is the case. I can’t imagine a finance department that wouldn’t have called the bank themselves to get the exact value (as it can vary day to day a few bucks) for the final contract you signed. You can always look at your paperwork and call the bank that holds the loan on your trade in.... ask them what the exact pay off is... don’t take the dealer’s word for it. If the pay off is $350 more than your contract states, and you already signed the title over and have the new truck, and you’ve signed the finance documents for the deal, I’d say the deal is done. The dealer won’t be able to get a lien release for a clean title on your trade until the loan is paid off so they’d be in a bad spot. I guess I just still can’t see a legit dealer’s finance dept printing up loan documents and the rest of the “deal” with a $350 error. The dealer ALWAYS calls the lender to get that pay off amount in my experience.

 

Yeah I have the FJ already for 1 week and few days. Yeah I told them the amount but I would think they have to go and check for themselves since they shouldn't take anyone's word for it? I guess my next question is can they make me still pay for two loans if I don't pay it? I should not tight since I technically signed the vehicle over to them ?

 

In my experience the bank always provided the exact payoff amount in writing (fax, e-mail etc.) If you have that and the dealer now comes with a different amount, then they are scamming you. If you don't have it in writing, then you are screwed...unless you can still get the payoff and confirm with the dealer.

 

in the contract it shows 16380.04 I told them I owed 16680.04 but contract doesn't show the amount I told them. They printed 16380.04

 

I think you are screwed. Just pay the 350 and get it resolved. Even if it is a typo on their side.

 

I think otherwise they should have seen the pay off when they ran the credit report. I mentioned to him the amount at least 3 times and still got it wrong

 

Dot the Eyes and cross the Ts.
You should have given the exact pay off amount as it changes daily with loan interest. It compounds daily = adds money you have not paid. The day you signed the paperwork is the day they should have verified that amount. id think they would have not let you out the door without knowing that how much is still owed on your last truck. What paperwork do you have in your possession. It should say the amount you agreed on and the new car amount you agreed on. Do you have this paperwork in hand?

 

Ye

Yes sir

 

I would then say go back to them and ask them to correct it. Show them the amount, they obviously made a mistake. They can redo the paperwork and fix it. The problem is that if all the paperwork is already processed then it will be like a new transaction and refinancing. If they can't fix it anymore, then if you can convince them that you gave them the correct amount, or that they should have verified it, then they have to pay the 350. Otherwise see if they would split it with you since you are both somewhat at fault. A reputable dealer will work with you. A shady one won't. They know you are not getting a lawyer over this, so they can do what they want.

 

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When I talk to him he told me call the bank and get the exact pay out which was the 16680.04 the last statement I had was 1632.04 so that was the amount exactly

 

I agree ^^^^that. Go back to stearler shipp and make a deal
Some one had fat fingers and didn’t enter it right.

funny thing happened to me just lately my dealer had a finance rate of 4.9 but he asked me what my bank had 3.9
The finance guy wrote the lower number and I had signed the paperwork, so they had to give me the lower rate which save a few thousand dollars.
Go back and see what you can work out Rica.

 

This happens all the time when you buy a vehicle. The dealership will do it's best to get your payoff, but it's not always perfect. Sometimes you get a check back, sometimes you owe a couple hundred dollars. Pay the $350 and be done with it.

 

I don’t disagree with you being reasonable with a reasonable dealer and working with them. Is it a Toyota dealer? If it is exactly the way you describe, this is a mistake on their part. I can’t imagine this ever happening in the dealer I used to work for and if it did, we’d have never threatened our customer with carrying “two loans.” If there really isn’t any more to the story, they’re in a worse position than you are. They are going to have to pay the loan balance in full on your trade or that bank will continue to be listed as a lien holder as they won’t have a lien release letter to send in to the DMV with the title. No reputable dealer would ever even consider getting now another customer wrapped up in the mess. That being said, every contract I’ve ever seen stipulates that the dealer is going to pay off the existing loan in full. If you signed the contract, you signed the contract. The deal is done. But again, there’s nothing wrong with talking to them and trying to be reasonable... although them threatening you with 2 loans isn’t the way to get off on the right foot to resolve this with a smile.

 

It is a Toyota dealer

 

I work for a dealer my self but I do not do the loans. I write service. But I have been told they should be responsible. I just wanted to get more opinions

 

They like when u go into the sales section with all the People and start yelling the dealer ripped u off. A manager should be with u shortly to fix the problem

 

Hold your ground if you have to. Bring your paperwork with you Sir. Good luck.

 

Go talk to the finance dept in your dealership and ask them what they think. I just can’t imagine a branded Toyota dealership’s finance department not getting the pay off amount to the penny the day you took delivery and signed the documents. I also can’t imagine them getting so worked up over $300 or whatever the exact amount is. There’s more profit on the deal than that. Have you tried to talk to the sales manager or finance manager? I think that’s where I’d start. No one is perfect... and in the midst of all this covid craziness... I guess mistakes might be more likely than ever. But still, the finance manager should have called and politely explained the situation and asked you to help resolve it if that’s what they’re after. Catch more flies with honey, right? Dealerships get a bad enough rap as it is.

 

The

The whole process was sales manager only because all there sales staff were and are laid off.

 

They messed up.. & transposed numbers.
You play the big role here to verify your contract.
You had the responsibility to verify the figures & didn't.

pay up & wright it off as a lessen learned to pay more attention to what your signing.

 

I can’t trust any dealer dude they tired to screw me and my wife and my credit union was the one that caught it. It’s just the game they play. What we do now is get the vin give it to my credit union the value the vehicle and tell them the lowest bottom dollar they will loan for it and it gives the dealer no wiggle room. They hate it. It’s pretty funny

 

Thats exactly what I did as well I was telling them the credit union would only lend me a certain amount and they did drop the price pretty darn close

 

Ya man my neighbor got his car by using a broker never left his house they brought 3 cars for the colors for him to pick. Whipped out an iPad and it was over I gotta say we are looking at sequoias for the wife I may go that route next. I can’t handle dealers

 

The lenders put the onus on finance departments to get these deals to the penny. When mistakes are made and paperwork Has to be resubmitted it’s time consuming. As someone else posted above, it the paperwork isn’t processed yet, you can initial changes like this. But if the contract has been finalized and sent to the lender, there really isn’t a lot you can do. Certainly it isn’t worth all the problems and time for $300 IMO. But getting the pay off amount is the finance dept’s responsibility, not the customer. But with all that’s going on, and them working a skeleton crew nothing wrong with good will on your part and theirs. Maybe offer to split the difference or something.

 

If the number you told them is no where on paper, and they just wrote down the wrong number, then it is just a good faith error. (He took your word for it and simply made an easy error.)
My Karma would tell me that I expected to pay that $350 from the beginning so why not pay it now and start the slate without skeletons. But I would have them give me some parts discount coupons or service discounts for all services in the future. I got 15% off for lifetime money spent at the dealership in parts/service. I bought a TRD dual exhaust and TRD 18" BBS wheels at their cost as part of my "investment to their service" I also got free tire rotation, free lifetime batteries, free lifetime tires (on the BBS rims), free oil changes, free loner vehicles for every service(even simple oil changes). All this because I kept positive, and didn't try to buck the deal, for a simple error. Pay the $350 for some good karma and with some "good intentions payoffs " for you too.
(And I had everything in writing by the GM to put it right in my profile. )

 

They want the title, it will cost them the 16680 amount. You could try arguing your point but a mistake is a mistake, maybe offer to split it with them.

This is just one small reason I separate the sale of a current vehicle from the purchase of another, but the real reason is the dealers screw you when you mix 2 vehicles in one transaction, no matter what. Learn to separate those transactions in the future, you will get yourself a Much better deal on both sides. Luck.

 

A few years ago I traded a truck in about 3 weeks later I get the same call from a finance manager that I owed them 800.00 more dollars because the pay off was different than what they had. I ended up telling him to get my truck ready I’ll be in to pick up my truck that I traded in and return the one I’d bought. I also told him I would look for another truck somewhere else. The finance manager told me he would call me back......about 30 minutes later he called back and said don’t worry about the 800.00 it was their mistake and they would eat the loss. For 350.00 the dealer should eat that mistake. If not go back and get your vehicle you traded in right now with everything going on with the economy it is definitely a buyers market for cars and trucks. Good luck

 

Trust me part of me wants to pay it because I just don't like taking advantage of people. But then I also think they knew what they were doing and could just be taking advantage of me as well.

 

If the payoff on your trade is higher than what was printed in the contract because someone failed to double check or made a clerical error, then you should probably pay it and move on. I don't really think they were trying to take advantage of you. Just verify the payoff, what was written, do the math and make it right and move on. Mistakes happen especially with all the stress in the world right now. You still scored a sick FJ that will hold its value very well.