Dealing with one now that took my trade and was supposed to pay it off. New loan showed up at the credit union, but they have yet to pay off the old. Interesting thing is, it appears they’ve already sold my trade-in. Wonder how they did that without the title.
New car Dealers can create titles in Florida.......Don’t know about other states.......................
Last summer, I inquired about an internet ad they had for a 21 White F150. Yep, it’s right here on the lot, come on in.
I went at 4PM the same day. Greeted the sales lady, she took me out front for a test ride. It was a brown F150. I said no thanks, where is the white one I inquired about? It is in the shop, it got keyed last night so we will test drive this one. I said no thanks, let me know when it is out of the shop.
Next day I get a call, we have your vehicle ready to be looked at. Again I show up, she has the same brown F150. Apparently, the white F150 hit a tree earlier in the day and is back in the shop.
True story.
Wonder how they did that without the title.
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Dealers buy and sell all the time without the title. It’s called float. They may have sold your old car before your lien was paid off, but it will get sorted out eventually. Dealers generally hold onto their money as long as possible before they have to pay off the liens on trade-ins.
Remember the movie Fargo? Where Gunderson had a hard time with the GM representative who wanted payoff on the floorplan loan?
I used to do that for the bank I work at. Most dealers floorplan their inventory and when they sell that car they’re supposed to pay the bank off. They usually do. But not always in a timely manner.