I just sold my RX-8. Today was a sad day. 2 years of fun driving was over. Anyway, first I went to Carmax, but they lowballed me and I said xxxx it. Then I went local korean dealer (or broker), sold a car for $15,500. (Carmax quoted me $13,000)
Question is that salesman said they are gonna pay off my bank balance within 10 days. If dealer is not gonna pay off my debt by 10days, the interest will be added $3.52 everyday. They said they are gonna pay off as soon as possible, but I gotta leave the country on 27th. Let's say IF they are not gonna pay off until my car is sold to anyone (it may take few months to sell = few hundred $ loss of dealer), would this affect my credit? or it would be okay since I signed the bill of sale, vehicle transfer and reassignment form, auto payoff verification. I also got a $1000 check from them. (I owe a bank $14,500) What do you think?

 

what options did it have i have a friend looking for 1 >< im not sure how that sale works never seen it work like that.

 

Dude, that sounds dodgy to me. Did you get any kind of written agreement / contract stating when they are gonna pay off your loan? If not, you're up **** creek until they do so. I would get over there right now and demand something in writing, otherwise they can take all the time they want and you end up out of pocket on interest.

 

It's called a 10-day payoff...very common with loan payoffs. Did you call your loan holder and state that you wanted a 10-day payoff faxed to the dealer?

Usually that has to be done.

 

I signed "auto payoff verification" form. I just called a salesman, and he said they are gonna pay off by 07/27. If they could not pay off until then, they are gonna pay the interest. He said just dont worry. I have a copy of the bill of sale, auto payoff verification (includes bank info, payoff amount, payoff due date, salesman..etc) and vehicle transfer reassignment form.

My car was a '04 gray RX-8 w/ sport pkg, carbon ms rear spoiler, tein s-tech and rb exhaust. A car is located in l.a koreatown. (Eden motor group)

 

Even CarMax does the 10 day payoff thing.

BTW, I am looking to sell my car too. Can you please give me info about the korean dealer that bought your car? Maybe I can sell my car there too. Thanks in advance!