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Dealer has not paid off Trade In as agreed up in Contract
We have recently purchased a 2006 Cadillac STS from a used car dealership in Montclair, CA. We traded in our 1997 Jaguar XK8 for the amount of $7500.00. We owed around $15,000, so the additional amount was added to the amount that we owe now on our new car, the Cadillac. We have received our new loan information from our new lender, Wachovia, but when we have called to check to see if they have paid off our Jaguar with Capital one, they have not. It has been 16 days since we have purchased our new car. Can you tell me if they are breaking any laws and also what is the time frame that a dealership has to payoff a trade in vehicle? My payment is now due on my Jaguar and I do not want this to affect my credit! Thank you for your help!