Negative equity issue on bill of sale
Purchased in NY, currently in NC.
Preface: I am a young guy just trying to maintain a reliable mode of transport for his family. Im rather naive and bogged down with too many other stressors to really spend too much time on this issue. I also just joined active duty army and am now states away from the location of purchase.
The issue. I bought a used Ford at a typical used car dealership and traded in our VW of which we still owed on. My understanding at the time of the sale and that of the USAA agent we had on speaker phone at the time, was that the dealer would absorb the existing loan as well as giving us a $1500 allowance to the new car. A month letter I receive a cerified letter from the dealer stating thats not the case and he needs the me to pay off the old loan so he can get the VW title.
What the heck? Again. Just joined active duty with a young family, I dont have the time, patience or money to deal with such a ridiculous error
It looks like I can not post a picture of the Bill of sale here so I will do my best to summarize:
- Cash price of car (Ford): 12,995
- trade in allowance: 1,500 Total: 11,495 Amount owed on trade: 3,836 Cash on delivery of car: $45 Registration: 40.00
Total cash price: 11,540
The total cash price, the big number was the final cost of sale and the total amount USAA sent him, to which he gave us the keys, we gave him ours, and we drove off into the sunset.
I dont have the money to pay off the old loan to get him the title, without it he will either withold the ford title or nullify the sale to which i wouldnt be able to return the ford as I am far far away with flexibility in my new schedule.
Any advice would be greatly appreciated! I love the new car and hate the old one, would rather not have to switch back.