Post: Short Pay Trade-in Concern

Posted by Carlos on 4/11/07

I have a problem.
02/17/07 - I made my normal car payment via online. That
same afternoon while running errands, I stopped at a dealer
to look at a car. After talking, we negotiated a sweet deal
and I was to trade in my 2005 Ford Five Hundred. I told the
salesman that I jsut made a payment, since we were
negotiating trade in value. He advised to jsut put a stop
payment on the carpayment and the final payoff is based on
02/17/07 payoff amounts. The new car is financed though the
same finance company.
02/21/07 - car payment posts at the bank.
03/04/07 - Dealer refunds me about 400 as "RFND - Low
Payoff"??
03/06/07 - letter from Finance company that the loan of the
trade in is paid in full.
03/10/07 - Title was signed and released to the dealer.
03/12/07 - Finance company issues a small check to me of
overpayment refund check.
03/21/07 - Finance company issues a letter to me stating
they received a return payment on 03/06/07.
04/11/07 - Finance company is seeking money from me.

My question: from 03/06/07 to 03/10/07 when they released
the title, why didnt they say something? Why didnt they
contact the dealer or me? Once I signed the contract, didnt
I release all liablity from the trade in to the dealer?

Posts on this thread, including this one

Short Pay Trade-in Concern, 4/11/07, by Carlos.