Legal Question in Consumer Law in Illinois

Car dealer hasn't paid off loan on trade in

How long does an auto dealer have in Illinois to payoff a loan on a trade in?

We traded in a car over a month ago and the dealership has yet to payoff the outstanding balance on the trade in. It is now delinquent and has been marked as a strike on our credit ratings.

To date, the dealership has yet to pay it off.

Also, can the negative on our report be reversed because of the above situation? Our credit is 100% perfect with no late payments other than the above.


Asked on 7/15/08, 3:41 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Car dealer hasn't paid off loan on trade in

I would suggest first contacting the dealer. Perhaps it is just an oversight. If the debt is not paid immediately, contact the Illinois Attorney General's office.

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Answered on 7/15/08, 4:45 pm
Thomas Moens Moens Law Offices, Chartered

Re: Car dealer hasn't paid off loan on trade in

Hmm...this question looks familiar. Thank goodness for block and copy.

I would suggest first contacting the dealer. Perhaps it is just an oversight. If the debt is not paid immediately, contact the Illinois Attorney General's office.

Read more
Answered on 7/15/08, 4:47 pm


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