How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 28034
Experience:  Lawyer
26798026
Type Your Consumer Protection Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

I just sold my car to CarMax. Today while checking my loan I

Customer Question

I just sold my car to CarMax. Today while checking my loan I realized they miscalculated the payoff amount by 800. Meaning the check they gave me for the net after the payoff was 800 too high and the payoff for them to get the title was too low. I haven't had any communication from them yet... But... Once they realize their mistake who is responsible for the payoff being 800 too low?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Lucy, Esq. replied 1 year ago.
Hi,

My name is ***** ***** I'd be happy to answer your questions today.
Since the deal was that they would give you $X for the car, and they gave you $X, then you unfortunately do not get to keep the extra $800. You can return it to them and let them pay off the loan, or you can give it to the bank directly, but you unfortunately aren't allowed to keep that money. Their mistake doesn't change the terms of the agreement that was made.
If they had to pay off the rest of the loan and you didn't return the extra money, they could sue - and a judgement would destroy your credit.
Please rate my answer positively to ensure I get credit for the time I spend helping. If you are on a mobile device, you may need to scroll to the right. Thank you.