Dealer Payoff Question

[Moabal]

Hi,

I recently traded in my 2019 Stinger to get a 2022 Stinger as I had positive equity in my old one. Three weeks passed and I do not see that it was paid off via KMF.

I reached out the salesman and he said that he watched the proper team submit an ACH payment to KMF today. However, when I speak to someone at KMF directly, they mentioned that this is usually done via a check and had no idea what I was talking about.

I was curious if ACH is standard practice for these payoffs or not. My next payment on the old car is the 22nd. I want to stay current. However, if I can avoid sending the payment that would be awesome.

 

[stoopid]

They cannot reasonably expect you to be making payments for a car no longer in your possession.

 

[JSolo]

You have paperwork from the dealership showing tradein of the old car. I would forward that to KMF or whoever the bank is for the previous loan.

Also, get in touch with the finance mgr directly rather than going through your salesperson. They should be able to tell you why it hasn't reflected yet. If you don't feel the answer is satisfactory, go up the latter to the GM.

 

[P22Tyler]

Hi,

I recently traded in my 2019 Stinger with a 2022 Stinger. Three weeks passed and I do not see that it was paid off via KMF.

I reached out the salesman and he said that he watched the proper team submit an ACH payment to KMF today. However, when I speak to someone at KMF directly, they mentioned that this is usually done via a check and had no idea what I was talking about.

I was curious if ACH is standard practice for these payoffs or not. My next payment on the old car is the 22nd. I want to stay current. However, if I can avoid sending the payment that would be awesome.

You traded in two Stingers? Is that what you're saying? Or traded it in on a 2022? If so, is the 2022 here yet?

 

[Moabal]

You traded in two Stingers? Is that what you're saying? Or traded it in on a 2022? If so, is the 2022 here yet?

Sorry. I updated the original post as it was not clear. I traded in my 2019 Stinger to realize my positive equity (10K!) and got a 2022 Stinger.

Apparently the dealership submitted the ACH today to pay off the 2019. I have the 2022 in my posession. The next due payment on the 2019 is on Tuesday. However, I was not sure how fast KMF will get the payment.

 

[Moabal]

So on the KMF website it shows it was returned and nothing is “due”. However, when I call customer service they say nothing has posted and I might need to pay. They really have no idea what they are doing!

 

[ChaneRZ]

KMF says it all. Kia MothaF.