Overhaulin'

How long does it take for a car dealership to pay off your old car loan?

I traded in my car about a week ago, and the dealership has not paid off my previous loan yet. I was wondering how long it typically takes.

Public Comments

1. It may depend when they cut the checks. A small dealership may only have 1 person who does the accounting and it may take he/she a week or two. I think that leagally you are okay and that they assumed the loan under the contracts you signed when you bought your new car. I have bought about 10 cars from dealership and it seems that it takes about two weeks.
2. sometimes a couple days, sometimes up to a month. when determining your payoff, most dealers estimate the interest for 10-14 days out. also, we just had a long holiday weekend where banks are closed, so give them another week or so. if you have a payment due, then call the bank and tell them about your new car deal.