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Reply to "Selling car with loan balance"
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[quote=Anonymous]I bought a brand new jeep (first mistake), and after a year decided to sell it. I should've went with my instincts, and Not bought American but DH really wanted that damn jeep! I've never done anything like that before as we buy used, and keep our cars for 10 years. But, those are our hondas/Volkswagens. Carmax gave me a really low offer even though I barely drove it, and it was in excellent condition. I ended up finding a dealership that had the vehicle I wanted, and they offered $2K less than what I owed. I could live with that just to get the jeep off of my hands. The bank I financed through paid off the balance of the jeep, and rolled the $2k remaining into my new loan. They had me look up the payoff amount, and directly sent a check to Chase. I received a letter in the mail from Chase (jeep financer) showing a $0 balance about ten days later.[/quote]
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