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Old 09-11-2019, 04:00 PM   #1
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How do I make sure the dealer pays off my trade

I'm embarrassed to be asking this question, but I've never, ever traded in a vehicle before. I'm trading in an AS on a new, larger AS. I'm trading to the dealer, and we are "upside down" in the old one. (Please do not flame me on this; I already know.) So I'm going to be giving the dealer a check (or checks) for [the cost of the new AS] + [the balance on my old AS]. But my question is, how do I make sure the dealer actually pays off the old AS?



I know there has been all kinds of litigation over this issue over the last oh-so-many years. This dealer is by no means fly-by-night, but it's not always f-b-n dealers that fail to do pay off the trades.



So how do I protect myself? (Again, please don't waste my time or yours with your observations about what brought me to this situation.)
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Old 09-11-2019, 04:22 PM   #2
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I couldn't tell from your post for sure but it sounds like you are paying cash for the new one, as well as the payoff on the old one (you mentioned you'd be writing checks)? In that case, just pay off the old one yourself.

If you are getting a new loan that includes proceeds to pay off the old one, the dealer should only receive their portion, and the lender should directly pay off the old lender. They do this to protect themselves from the dealer as well. Double check with the new lender. The dealer should only receive what they are due on the new purchase.
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Old 09-11-2019, 05:00 PM   #3
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In no circumstance should the check you’re making for the shortfall be made out to the dealer. It should only ever be made out to the lender.
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Old 09-11-2019, 05:18 PM   #4
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Originally Posted by pcskier View Post
I couldn't tell from your post for sure but it sounds like you are paying cash for the new one, as well as the payoff on the old one (you mentioned you'd be writing checks)? In that case, just pay off the old one yourself.

If you are getting a new loan that includes proceeds to pay off the old one, the dealer should only receive their portion, and the lender should directly pay off the old lender. They do this to protect themselves from the dealer as well. Double check with the new lender. The dealer should only receive what they are due on the new purchase.


+1 what they said
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Old 09-11-2019, 05:25 PM   #5
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Reminds me of when we purchased our trailer last fall. We did finance a portion, and then when we received the license plate and registration, I notice that the dealer had indicated that there were no lien holders. The registration indicated we owned it outright!

I figured that the Credit Union wouldn't be too happy about that, so ended up having to pay $30 to get the registration corrected...

You just gotta keep a close eye, I guess...

Congratulations on the new trailer!
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Old 09-12-2019, 09:38 AM   #6
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You've gotten some good responses, and mine won't answer your question. But, I can't recall the last time I traded anything for new, or for a replacement. There is no question that one can routinely receive more by selling yourself, which we did with our first AS, after buying our 2nd from a private seller. I'm certainly not criticizing your decision, as it apparently works best in your situation. Onward with the new, and enjoy!!
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Old 09-12-2019, 12:05 PM   #7
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Originally Posted by DougFelts View Post
Reminds me of when we purchased our trailer last fall. We did finance a portion, and then when we received the license plate and registration, I notice that the dealer had indicated that there were no lien holders. The registration indicated we owned it outright!

I figured that the Credit Union wouldn't be too happy about that, so ended up having to pay $30 to get the registration corrected...

You just gotta keep a close eye, I guess...

Congratulations on the new trailer!
I congratulate you on correcting the title to show the credit union as lien holder but the dealer should have ponied up the cost since it was their mistake. Makes me wonder how often that gets screwed up on titles.
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Old 09-12-2019, 01:32 PM   #8
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Trade payoff

First payoff your current trailer yourself.
Secondly, sell your trailer yourself. Go on Airstream
Classifieds and see what your trailer is currently selling for.
Thirdly, donít forget to get a 15 to 20% discount on the new
Trailer you are purchasing. Cash is KING!
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Old 09-12-2019, 01:37 PM   #9
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You are receiving some bad information here. First the lender is not responsible for paying off your trade, the dealer is. The dealer will want to pay off your trade ASAP because they need the title so they can sell it. You can check with the lender on your trade in about a week or two to see if it has been paid off, Iím sure it will be. I spent 30 years in the car business so Iím kind of familiar with this process. A reputable dealer will want to pay off your trade and move on its just the way business is done every day
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Old 09-12-2019, 01:53 PM   #10
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Value of your trailer

I looked on classifieds and see similar trailers like yours listed
From 39000 to 41000. 2015 model yr.
A 2014 22ft was modified as office space and was asking near 32000.
If used for travel it would have to be restored at extra$$$.
Yours might fetch between 35000 and 40000.
List it and see what happens. Unless, Money is no object to you.
Would you mind sharing what they are offering to you as a trade in?
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Old 09-12-2019, 02:31 PM   #11
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I would consider doing this transaction at an office of your lender, so that they can execute a lien release for you, and also maybe for the buyer IMO.

In theory you may not even have a clean title which you can transfer IMO. What exactly does your title document say in the "Lien Holder" section?

Treat this like a real estate "closing" when you buy a house, and everyone can leave happy.

Good luck,

Peter
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Old 09-12-2019, 03:21 PM   #12
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Belbein, listen to wavelength. He is on frequency with his advice.
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Old 09-12-2019, 05:31 PM   #13
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More bad advice I see. Itís not like a real estate deal. Itís a vehicle purchase, handled completely different. The only dealers that wouldnít pay off a trade in have 8ft fencing around their lot and are run by Frankie and Guido. You said this is a reputable dealer so do this, go to the dealership, write the check you need to write, take delivery of your new Airstream and ENJOY YOURSELF 😎
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Old 09-13-2019, 06:48 AM   #14
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+1 on Wavelength's post. The dealer has to move your old trailer and that won't happen with out a clear title. They will probably cut a check to your lender out of their account before they even deposit your check.
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