Somewhere in the closing docs you signed, there is a clause that covers the dealer for just this type of clerical error.. Don't get too excited.

 

IMHO,
By not paying the $7800 bucks... you are screwing them... How would you feel if someone fvcked you out of $7800 bucks? Not good right?

I'm rather positive that their contracts cover this in its entirity (you aren't the first person to have this happen to)...

Its overly generous of them to split it with you... I'd take that deal in a heart-beat. In essence, you made $3400 bucks for a typo.

$.02,
Aaron

 

Take the offer... I think its the right thing to do in this case.

It's just like if you found $7800 dropped somewhere. Would you give it back, yes or no? The dealer is saying, give it back, and we'll give you half. More than generous of them IMO.

 

Go visit Navy Legal and see what they have to say about it

Just a wild guess, but I imagine that they know that if it went to court that you would likely win coz you didn't sign anything, so that is why they're so kindly offering to split it with you. Or else, why the would they offer this? Out of the kindness of their heart? Doubt it.

 

This is F'd up!

 

I'd have to agree with moonpie

Sounds to me like they realize that there is a chance that their moronic error is going to cost them a lot of money, so they figure they will offer you "a deal" and at least recoup some of it.

Granted it is a moral call, but it might be worth checking with a lawyer.

I can't believe a dealer would use an amount from a credit reporting agency. I would think they would call the bank (or credit union...whatever) and get a real payoff amount. Might be a $7800 lesson for them.

 

Let me see if I can clear everything up here before the misinformation gets out of hand.

Credit reports are not the ideal way to get payoff amounts, but if the CU or bank is unavailable at the time of the deal, they're usually reasonably accurate. A $7800 difference would be pretty much unheard of, and inaccurate reporting from the lender is likely to blame.

Regardless, a form was signed to cover any inaccuracies. You did indeed agree that any difference in payoff amount is solely your responsibility. There's so many signatures required in purchasing a vehicle, that sometimes people forget some of what they have signed, or just don't read the forms. You've got no case against the dealer, and they could exercise the option of either collecting the money from you, or unwinding the deal (taking the car back and voiding your contract).

So why are they being so generous? Because if they've already sold your old car, they would have to unwind TWO deals, pissing off the other buyer in the process, and being forced to resell an unwind vehicle (must now be registered as a used car) with 2000 miles on it. Honestly, you should be absolutely ecstatic, as you are going to save yourself a few thousand dollars because the dealer is taking a loss to save a future headache.

But I just have one question I have to ask... did you really have NO idea what your approximate payoff was? Not even enough to realize that a number almost 8 thousand dollars too low just didn't look right?

 

WHAT KIND OF IDIOT DEALER GETS A PAYOFF THROUGH YOUR CREDIT REPORT. They F*cked up big! Tell them to take the three grand they probably just made off you (5 or 6 if you financed) and take care of it themselves. That's crazy!

 

I just had a similar thing happen when applying for a home equity loan. I'm paying off the S to get rid of the monthly payments and my payoff showed up $10,000 less than what it really was.

Believe it or not, the your credit report is not perfect. That's why it's a good idea to check it every once in a while and send letters to the creditors with the incorrect information.

as for your deal, I think if the dealer offered to split the amount you should take it. you got a pretty decent deal on the s, you owed the money on your other car and there most likely was something on the contract you signed to hold you responsible. do you really want to return the S just to spite them and then go shopping all over again hoping to get a good deal? is it worth it??

 

To answer some of the questions in here
1. Did I know about the payoff?
Honestly i did not bcuz the car was a lease and i honestly dont know how they report them.
2. I think I am going to take the split option and be done with it.
3. I found out that they still do have my car but they will not undo the deal unless i pay an agreed amount per mile i put on the S2000( dont know what this is )
4. The dealer honestly has been very cool about it, i wish i was in VA to read the paperwork and find out what exactly it says.
well i will keep everyone updated.
Jeremiah