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Is there a law that covers when a dealer has to make the payoff to the lender when you trade in a car? I traded in a car when I bought a new car, and the lender did not receive the payoff on the trade-in for over a month. The lender is reporting me late, and I need to know if the dealer has some legal obligation to make the payoff within a specified time period. Buehler? Buehler? Anyone?

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I recently purchased a vehicle in Iowa. I read over the purchase contract and it states everything about a trade-in except their obligation to pay the balance off on the trade-in. To me it should be like closing a house, everyone exchanges money on the same day! This is a good point you bring up. You may find some answers on www.carbuyingtips.com. Email the site owner, Jeff Ostroff who is very knowledgeable and see if he knows.

[Edit by wclewis on Thursday, July 18, 2002 @ 07:32 PM]

[Edit by wclewis on Thursday, July 18, 2002 @ 07:33 PM]

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Yeah, that was the first thing I did too -- read my contract. Basically, I had to promise to do this, that, and the other, and the dealer didn't promise to do squat. Seems to me they must have some legal obligation to make the payoff, but I don't know where to even start looking. Thanks for the info; I emailed Jeff with the question. Keep your fingers crossed for me ;)

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