# Who pays the final $ 67.46 on the loan of my traded in car **URL:** \ **Category:** Factual Questions\ **Created:** [September 2, 2015, 7:43pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735 "2015-09-02T19:43:10Z")\ **Posts on this page:** 7\ **Page:** 2
**Author:** ![spifflog](https://avatars.discourse-cdn.com/v4/letter/s/c5a1d2/32.png) [@spifflog](https://boards.straightdope.com/u/spifflog)\ **Post date:** [September 3, 2015, 10:51am UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/21 "2015-09-03T10:51:55Z")
The more I think about this, the more I think you’ll probably be OK. I’d think before they signed the final paperwork and gave you the new car, they pulled the string with Wells Fargo and found out how much you owed. You might have said $2,100 but it was $4,100 and they wouldn’t have wanted to chase this or pay this later. They would have wanted to know that up front before they agreed. Then they would have come back to you and said “no so fast.” I’ll guessing the viewed the $67 as a rounding error, ate it, and moved on. I agree with others. Signing all the paperwork and worrying about the details later isn’t the best way to go through life. I’d fix this in the future. ---
**Author:** ![not\_what\_you\_d\_expect](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/not_what_you_d_expect/32/3246_2.png) [@not\_what\_you\_d\_expect](https://boards.straightdope.com/u/not_what_you_d_expect)\ **Post date:** [September 3, 2015, 11:30am UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/22 "2015-09-03T11:30:05Z")
I assume you will get a bill from the dealer at some point, not from Wells Fargo. That’s how it worked in our office. We would pay the actual payoff to the bank because we need the title, then, depending on the amount of the difference, we would either write it off or bill the customer. For $67.00, we’d have probably billed once or twice, but we wouldn’t go to small claims over it. For larger amounts, we sometimes did go to court. We won because the contract stated quite clearly that any difference would be the customers responsibility. ---
**Author:** ![davida03801](https://avatars.discourse-cdn.com/v4/letter/d/b5e925/32.png) [@davida03801](https://boards.straightdope.com/u/davida03801)\ **Post date:** [September 23, 2015, 1:13pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/23 "2015-09-23T13:13:46Z")
The dealer paid it off. Never heard a word on it from them. ---
**Author:** ![leftfield6](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/leftfield6/32/18780_2.png) [@leftfield6](https://boards.straightdope.com/u/leftfield6)\ **Post date:** [September 23, 2015, 1:39pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/24 "2015-09-23T13:39:37Z")
> [@davida03801](#): > > The dealer paid it off. Never heard a word on it from them. Post #14 FTW. What’s my prize?? :p:p ---
**Author:** ![davida03801](https://avatars.discourse-cdn.com/v4/letter/d/b5e925/32.png) [@davida03801](https://boards.straightdope.com/u/davida03801)\ **Post date:** [September 23, 2015, 2:14pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/25 "2015-09-23T14:14:02Z")
Kudos to you to call it 1st (i did not check the previous posts prior to #14) I see that you and I are similar. I hate having monthly payments on a certain day so ALL of my monthly bills are 3 months minimum paid in advance and some much more. A week or so ago I took care of the winter bills of the oil and electrical and paid each through the to April. ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [September 25, 2015, 1:37pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/26 "2015-09-25T13:37:06Z")
If the dealer didn’t bother to find out what the actual payoff amount was, that’s on them. Good for you. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [September 25, 2015, 1:48pm UTC](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735/27 "2015-09-25T13:48:14Z")
> [@Renee](#): > > > [@IvoryTowerDenizen](#): > > > > Yes. I pay multiple payments at once on car loans and my mortgage. Since it’s not revolving credit but paying back a loan, it works out. > > Huh. I didn’t know that secured loans were different. Learn something new every day. The difference isn’t secured versus not. The difference is between a closed-end loan and an open-end loan, otherwise called a revolving loan. Typically secured versus not- is pretty closely correlated to closed versus open. But they aren’t necessarily. The critical difference is if there was a single payment from lender to borrower at the beginning with a pre-planned fixed repayment schedule or not. If there was, it’s closed-end. And all the lender cares about is that you’ve always paid to date at least as much as the original repayment schedule demanded. Open end loans are based on the idea of an ever-continuing list of new borrowings, e.g. each time you use your credit card to buy something, and a never ending stream of repayments applied first towards the ever-accruing interest and next towards the some of the ever increasing and decreasing principal. Which historically may or may not have had a minimum payment due every month. Under current US law there’s a requirement for a minimum monthly payment that’s large enough to overcome the interest and also amortize the current balance over some semi-reasonable term of years. [Previous page](https://boards.straightdope.com/t/who-pays-the-final-67-46-on-the-loan-of-my-traded-in-car/729735.md?page=1)