At the end of Sept, I leased a new vehicle through a broker on this forum and he promised to payoff my previous lease and did send me the equity on that lease. There was no paperwork although he promised to send me a buying agreement in the beginning. The car was put on sale from one broker in Oct and now carfax says the car was sold through auction to a new dealer and for sale again. After almost 45 days, my lease is still not paid off and in between he sent me one monthly payment and told me the payment processing for the payoff was delayed. In two days, another monthly payment is due and the lease will expire in mid Feb 2023.
Should I still trust him? Can you guys give me any advice? Thanks a lot. I cannot sleep well because of this.
It can take 2 months depending on the bank the lease is through (how long they take to process the payoff, send the title, and close out the account), and to my understanding, the dealer/broker you sold it to – their floorplan (the bank that finances the cars they buy) might take a long time to send payment to the bank. The latter is what happened to my parents when they sold their Acura lease to a dealer. It took almost 2 months for the payment to get sent.
Assuming if you got an equity check, you have some sort of purchase or assignment agreement.
