I sold my Infiniti lease to independent Infiniti dealer and the process looks like this: I turn in the car to IFS, dealer buys from them the same moment (which they did already) and writes me equity check only when they get a title in their name.
Is it reasonable that the dealer delays the check until they get the title? In CA it takes 3-4 weeks and given that I only have a text confirmation from a rep they are going to send me a check for specified amount and car is already grounded, is there any risk for the dealership to wait for the title rather than just send me a check?
Well it’s the same dealer that has my info and the car history and they already paid money to IFS electronically through Cox. But I understand your point, maybe I cannot transfer due to unpaid taxes or have another lien.
Seems to be common practice and in my experience has take about 2 weeks. Don’t you have a signed contract or are you just worried about the payoff amount being different? Also they should have had you sign a release of liability. If not you can submit one online at dmv website. I’ve always waited to remove the car from my insurance until I’ve been paid out an abundance of caution.
Great feedback, thanks. Yes I submitted the form online . I don’t have a signed contract, just a form that I am turning the car in to IFS and a form with “ordered” check for the positive equity from the dealer signed by the rep as well as chain of texts confirming the amounts that will be paid to me by IFS (MSDs, already got the check) and the dealer (the check in question).
It’s taken 2-4 weeks for the three sales that I’ve done in the past year. On my last one I asked the dealer to give me a signed statement of facts showing the equity check amount that they owed me since they didn’t give me any record of what was owed.
