When a car dealership accepts a vehicle with a lost title as a trade-in, is it legal for them to withhold payment on the trade-in vehicle until they receive a new title from the state?
Question Details:
The payoff receipt was provided for the trade-in vehicle to show that there was no lien. It has been 7 weeks since the deal was made and according to the dealership could be another 2 months until they receive the title from the state before they can pay on the trade.
Michael D. Siegel / Siegel & Siegel, P.C.
Answered 1 year ago
This attorney is licensed in New York
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Not only is it legal, it is required.