I’m not sure if this is the right place to post this, but I need advice or inputs on my issue and also want to bring this into light for others considering selling their leased car to a dealership.
I thought I did my due diligence into researching before selling, but I guess not…
The issue:
I sold my leased 2017 Honda Accord to a Toyota Dealership (TD) to get the payoff amount vs selling amount difference. Now TD says payoff amt is larger than expected and thus my check will be lower.
The Question:
Was I swindled by TD? Shouldn’t they have checked the payoff amount before our agreement, especially since it seems third-party fees are standard for all HFS leases?
Is TD in the wrong for not checking the payoff price before sending the check in? I am at risk for late-payment due to this issue. Also, I slightly feel scammed out of my money since now I get a smaller check.
The Details:
I am financed through HFS (Honda Financial Services) and their posted payoff amount was $14,000-ish. So I printed this out to show the TD, and we came to agreement on selling price. TD sends this payoff amount to HFS, then HFS says payoff is larger due to thirdparty sale fees. TD now owes HFS $400-ish more than thought. I called HFS about this, they notify me third-party sales pay some fees, thus their payoff price is larger. If I (the leasee) bought the car, the payoff of $14000-ish is correct, no other fees.
FYI, TD won’t write me a check until HFS send the title. I agreed to this with a ‘Check Request Form’ which lists the amount I should be payed with original payoff amount.
I have the basic DMV forms:
Notice of Transfer and Release of Liability [selling price: ‘16,000-ish’] ,
Vehicle/Vessel Transfer and Reassignment Form [Selling price : ‘Value Rcvd’]).
TD provided forms:
Authorization for Payoff form : lists payoff amount of the original $14000-ish.
Check Request Form: amount listed is written as “$2,000 ( 16000-14000)”
Could be 50/50 on who’s at fault, you for not getting the correct 3rd party payoff number or the dealership for not verifying the number you gave them. In any event I don’t see it as them trying to swindle you out of anything.
Just chalk it up as a learning experience and don’t lose any sleep over it.
Agree. Consider it a relatively cheap lesson to never consummate a financial transaction where the figure includes the word “ish”. If you allow for a range, expect to get the low end. This is your mistake, and the dealer is screwing you because you gave them the leeway to do.
Fyi, I wrote “-ish” on the forum to round the numbers, the exact numbers are written on the paperwork.
That aside, Yeah, I guess I will have to take this as a learning experience. I’m not sure if there’s anything I can do now. But the paperwork signed does say TD owes me $2000, not sure how this will hold up now.
Exactly: you’re both wrong for not verifying the third party payoff. I would ask them to split the difference. If they refuse, chalk it up to experience.
