Comments on: If the Dealership Goes Bankrupt, The Car You Sold May Come Back to Haunt You http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/ The Neat Side of the Web Thu, 16 Feb 2012 22:01:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Nick http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1484225 Nick Sun, 15 Feb 2009 03:39:38 +0000 http://www.neatorama.com/?p=22740#comment-1484225 car dealerships have to have a bond set up with their respective state agencies to be licensed and legal. If a dealership that you have bought from or sold to goes belly-up you can track it through that states licensing bureau and make a claim against their bond for any financial losses. Bond money can run out, however, so this is something that you would have to act on quickly. car dealerships have to have a bond set up with their respective state agencies to be licensed and legal. If a dealership that you have bought from or sold to goes belly-up you can track it through that states licensing bureau and make a claim against their bond for any financial losses. Bond money can run out, however, so this is something that you would have to act on quickly.

]]> By: Nick http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1484224 Nick Sun, 15 Feb 2009 03:39:38 +0000 http://www.neatorama.com/?p=22740#comment-1484224 car dealerships have to have a bond set up with their respective state agencies to be licensed and legal. If a dealership that you have bought from or sold to goes belly-up you can track it through that states licensing bureau and make a claim against their bond for any financial losses. Bond money can run out, however, so this is something that you would have to act on quickly. car dealerships have to have a bond set up with their respective state agencies to be licensed and legal. If a dealership that you have bought from or sold to goes belly-up you can track it through that states licensing bureau and make a claim against their bond for any financial losses. Bond money can run out, however, so this is something that you would have to act on quickly.

]]> By: PotatoCouch http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1475626 PotatoCouch Fri, 13 Feb 2009 05:35:01 +0000 http://www.neatorama.com/?p=22740#comment-1475626 This is only partially true. While it's a better idea to sell your car on the market yourself (you get a better price), if you trade in a car that has a balance on it, the dealership WILL take care of it. If the dealership goes under, you'll be responsible but that's only if the dealership hasn't paid off the balance yet. Dealerships don't wait very long to pay off trade-ins, because they lose money (the loan accrues interest while it's still in YOUR name). This would only happen if you were in that week-ish window of when the dealership didn't pay off their trade-in balances. This is only partially true. While it’s a better idea to sell your car on the market yourself (you get a better price), if you trade in a car that has a balance on it, the dealership WILL take care of it. If the dealership goes under, you’ll be responsible but that’s only if the dealership hasn’t paid off the balance yet. Dealerships don’t wait very long to pay off trade-ins, because they lose money (the loan accrues interest while it’s still in YOUR name). This would only happen if you were in that week-ish window of when the dealership didn’t pay off their trade-in balances.

]]> By: Miss Cellania http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1475350 Miss Cellania Fri, 13 Feb 2009 02:45:47 +0000 http://www.neatorama.com/?p=22740#comment-1475350 Johnny Cat, maybe you should go to the dealer first, before you sell your old car. Otherwise, you might have to walk! Johnny Cat, maybe you should go to the dealer first, before you sell your old car. Otherwise, you might have to walk!

]]> By: ted http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1473639 ted Thu, 12 Feb 2009 18:39:51 +0000 http://www.neatorama.com/?p=22740#comment-1473639 Have to agree with Moon. Why would you not ensure that your loan was paid off? These are car salespeople. You're gonna trust them? Have to agree with Moon. Why would you not ensure that your loan was paid off? These are car salespeople. You’re gonna trust them?

]]> By: Moon http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1473624 Moon Thu, 12 Feb 2009 18:35:11 +0000 http://www.neatorama.com/?p=22740#comment-1473624 Who would do that? I have never heard of this, but it sounds like a bad idea. Pay off your own loans. I'm assuming the car dealership wants to pay off your loan because they are financing your new car and they make more money on the financing than the car sale, but for the person trading in, it sounds like a bad deal. Who would do that?

I have never heard of this, but it sounds like a bad idea. Pay off your own loans. I’m assuming the car dealership wants to pay off your loan because they are financing your new car and they make more money on the financing than the car sale, but for the person trading in, it sounds like a bad deal.

]]> By: Johnny Cat http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1473456 Johnny Cat Thu, 12 Feb 2009 17:51:24 +0000 http://www.neatorama.com/?p=22740#comment-1473456 This is one reason why you should never trade-in; always sell your wheels yourself, and then go to the dealer. This is one reason why you should never trade-in; always sell your wheels yourself, and then go to the dealer.

]]> By: calebcharles http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1473121 calebcharles Thu, 12 Feb 2009 16:19:16 +0000 http://www.neatorama.com/?p=22740#comment-1473121 Sad but true?! No, no, no, no, no! There ought to be a law protecting sellers from these theives! Un blanking believable. Sad but true?! No, no, no, no, no! There ought to be a law protecting sellers from these theives! Un blanking believable.

]]> By: PJMoore http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1472797 PJMoore Thu, 12 Feb 2009 14:54:44 +0000 http://www.neatorama.com/?p=22740#comment-1472797 I heard this on The Clark Howard Radio show. He said sad but true and offered ways to avoid it. He has a website if you need to check out the details. I heard this on The Clark Howard Radio show. He said sad but true and offered ways to avoid it. He has a website if you need to check out the details.

]]> By: D Bozko http://www.neatorama.com/2009/02/12/if-the-dealership-goes-bankrupt-the-car-you-sold-may-come-back-to-haunt-you/comment-page-1/#comment-1472357 D Bozko Thu, 12 Feb 2009 12:58:03 +0000 http://www.neatorama.com/?p=22740#comment-1472357 That's just not right. Since this is common practice, once the dealership signs the contract to pay off the buyers trade in, it should be the dealer's responsibility and in the case of bankruptcy the original lien holder should have to go after them. That’s just not right. Since this is common practice, once the dealership signs the contract to pay off the buyers trade in, it should be the dealer’s responsibility and in the case of bankruptcy the original lien holder should have to go after them.

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