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Dumb Question about trading in a car that is not paid off, yet.
Good Morning Ladies.
I have never "traded in" or sold a car that wasn't paid off, so I am clueless and the guy at the signing wasn't very helpful in answering my question. When you trade-in your car (or sell it) before it is paid off, do they send something in the mail stating that it was paid off?
I am pretty sure they do, but I just want to be sure so I have something or my records.
TIA!

They see us rollin'...they be hatin'.
Re: Dumb Question about trading in a car that is not paid off, yet.
The should give you something right there when you buy the new car.
The sales guy doesn't have a clue. The finance managers can give you all of the information. Basically they have to pay off the loan before applying the balance to your new car so it must be done right there. The only exception to that is if you go in after hours and the company you have the car financed through is closed. Then they'll process the trade in the next day. You will still get the paperwork saying it is done when you purchase your car that night however. If there are any problems, the amount of the pay off ends up being different than what was initially thought etc, then they'll cal you and redo the paperwork.
It really should not be a big deal. If they make it out to be, it's time to find a new dealership.
Yes. You should receive a letter from the finance company saying that it was paid.
They see us rollin'...they be hatin'.