How much time does a Florida car dealer have to pay-off a trade-in?
Have you recently traded a vehicle in to a car dealership in Florida? Has your account fallen past due because the dealer hasn’t made the pay-off? Wondering how much time they have to make the pay-off on the loan?
Pursuant to Fla. Stat. § 319.24(5),
“[a] motor vehicle dealer acquiring ownership of a motor vehicle with an outstanding purchase money lien, shall pay and satisfy the outstanding lien within 10 working days of acquiring ownership.”
Accordingly, a dealership must fully pay off a lien on a trade in vehicle within 10 business days. In the event they fail to do so, you may be entitled to actual damages, statutory damages, injunctive relief and your attorney’s fees. Best of all, there may be no up-front costs to you to pursue your rights.
If you’ve been taken for a ride, contact an experienced auto fraud attorney to determine your options.
Contact us today- Joshua Feygin, PLLC – 954-228-5674
