Fellas, I need to know what's my option here:

I just bought a new car from a dealer on Sunday. And I traded in my car for it. At that time, the dealer gave me an estimate of the trade in for my car and I agreed on the value. Today, I just received a call from the dealer and he said the paid off of my previous car was alittle higher than their guessimate. I was like WTF!!! Now he demands me to go back to the dealership and pay the extra amount. I remembered that day I repeatively asking if that's not the payoff, I am not willing to dish out anymore money. The funny thing is, I still owe them half of my down payment so they are like, the contact is holding up due to my unfinished down payment. Can anyone tell me what I can do? If anything, I rather take my old car back.

 

I don't know California law, but I would recommend reading what you signed and see what it says your options are or do a search on the internet, you will probably get more assistance through those two options than through this forum.

 

sounds pretty bad to me... name of the dealer?
i wonder if anyone else has had this happen with this dealer.
your question is a legal q, and attorneys on the board might not be comfortable answering this by a posting.

 

I hope you kept all the paperwork. It would be a good idea to call the bank to verify what the payoff is.

Not to be rude, but why didn't you just for your knowledge?

 

I think it is up to BOTH parties to be quite clear as to exactly what the payout is on a car loan on a SPECIFIC date (maybe even TIME). If this was misunderstood, then both parties must make it right. A payout is what YOU owe on the car at the time. You cannot make the dealer absorb that even if he was remiss in establishing this amount at the time of the deal.
Sorry, but it's YOUR debt and this must be cleared.

 

But since I haven't pay the full amount of the down, does that make the contact not valid? The contact actually stated the dealer is paying 30k for it, but I was assuming that they got that number from kbb or call the finicial firm for the payoff. Can I just return the vechicle and get back my old car back?

 

[QUOTE]Originally posted by GundamZ
[B]But since I haven't pay the full amount of the down, does that make the contact not valid?

 

Xviper is right.

I would not play games with them. You could end up owing a hell of a lot more then the amount you are upside down.

They could really play some hardball with you by nailing you with the depreciation on the new car if you attempt to undo the deal.

 

Dont give them anymore money. The payoff is lower than what they say. They are trying to get your money.

 

Call and check what the payoff is with your bank. If they are giving you the correct number then you owe the money and every contract I have seen for purchasing a car has a clause stating that if the payoff is different you are responsible. If the payoff had been less would you have expected the dealer to keep the money or refund it to you? Next time make sure when you shop that you have checked the payoff number yourself before you go to the dealer.