My question involves a consumer law issue in the state of: Arizona. I was thinking of trading in my car that still has a loan balance through the manufacturer's finance company. I went to a large national dealer and they ran the payoff amount for a trade in on another vehicle. I did not complete the deal and left the dealership with my car.
About a week later I got a letter saying my loan was paid off and I would be getting the title in the mail. I thought I'd wait and see if the title actually came, and it did. So that day I called the finance company and they said the loan was paid off by another bank. The other bank was, I assume, one of the trade-in dealer's financing options. The original finance company is satisfied the load was paid off. I don't have an account or loan agreement with the bank that paid off the loan.
It's only been about three weeks, so I'm assuming one or both of the banks will catch it during an audit. The second bank may have to go back to the first bank to get their money, and the first bank would have to refinance or open up a new loan. I had incentive financing so I don't want to pay a higher interest rate or penalties or anything since this isn't my fault. I would have to make next month's payment in the next 2 weeks or so.
Of course I'd love to have the loan paid off but I know that's not legal or realistic. So what's the best course of action to fix this and minimize any bureaucratic headaches?
About a week later I got a letter saying my loan was paid off and I would be getting the title in the mail. I thought I'd wait and see if the title actually came, and it did. So that day I called the finance company and they said the loan was paid off by another bank. The other bank was, I assume, one of the trade-in dealer's financing options. The original finance company is satisfied the load was paid off. I don't have an account or loan agreement with the bank that paid off the loan.
It's only been about three weeks, so I'm assuming one or both of the banks will catch it during an audit. The second bank may have to go back to the first bank to get their money, and the first bank would have to refinance or open up a new loan. I had incentive financing so I don't want to pay a higher interest rate or penalties or anything since this isn't my fault. I would have to make next month's payment in the next 2 weeks or so.
Of course I'd love to have the loan paid off but I know that's not legal or realistic. So what's the best course of action to fix this and minimize any bureaucratic headaches?
Payoff: Auto Loan Paid Off Accidentally
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