Trappe, Maryland; Town: Motto(s): 19th Century Charm - 21st Century Progress Location of Trappe, Maryland: Coordinates: Coordinates: Country United States: State Maryland: County: Talbot
When buying new cars, if you ignore our advice and you trade in a used car which you still owe money on, insist that the dealer put in writing that they will pay off your car loan in 10 days or no deal. Then the dealer is liable because you took steps to protect your rights up front.
But what happens if the dealer, who might be in a financial pinch in this economy, doesn't immediately pay-off that trade-in loan, or worse, goes bankrupt. There is no law that says the dealer must pay off your car loan right away - not within a week, a month, not even six months.