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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 30168
Experience:  Lawyer
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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: 2 years ago.
Category: Consumer Protection Law
Expert:  Lucy, Esq. replied 2 years ago.

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.
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