I’m located in Florida and recently sold my Mazda 3 at lease end to a local third-party dealer. I shopped multiple dealers as well as Carvana and all of them offered to either pick up or drop off and cut check the same day. I chose this dealer because even though they offered slightly lower than some of the other guys, they were conveniently located close to my house and the sales guy turned out to be an acquaintance of mine, whom I really like.
I brought the car to them and closed the deal on a Saturday (11/6). Their accounting department was closed on the weekend, so they said they would have the check ready Monday. No problem.
Monday comes and the dealer now says they are waiting for Chase to process the pay off. Fine.
A week later Chase has processed payoff and closed my account (11/12), but now dealer says they can’t cut the check until they receive the physical title from Chase. Ugh.
I call Chase and they tell me because it was a lease pay-off the title is not transferred electronically, it has to be mailed. It’s now mid December, Chase confirmed that title was mailed 12/01 but dealership is saying they haven’t received it yet and are still refusing to pay me (about 10K in equity).
Has anyone else run into this???
I understand the logic, but to my knowledge no other dealer is doing this and the back-end paper work process is now between them and Chase, not me. Luckily I’ve already purchased a new car, and didn’t need the funds from this one to do so, but had I known up-front that it would take so long, I would have accepted one of the other offers, even if it was lower.
Thank you. It’s understandable that some may have that policy, especially with so many manufacturers banning third-party buy-outs. I just wish they had told me that from the beginning.
Sold a car to a dealer here in FL 2 years ago. Did not release funds to me until they had received the paper title, which is odd because we are electronic titles here in FL. Anyway, they didn’t tell me shit and I had to call multiple times to find out what the hell was going on. When I spoke with the finance mgr he told me there are a handful of dealers that do it this way. And this is not a small dealership.
My lease was through Chrysler Capital and it was a Dodge dealership which purchased the car . Should be instant cash back to me once the Dodge dealership paid Chrysler Capital, right? Nope.
So true. Unfortunately since I’m assuming they didn’t give it to you in writing, not much you can do now but wait. Also, don’t forget you can always write a review after the fact (wait til you get your equity and business is concluded first of course): dealerrater, edmunds, cars, Google, Facebook.
