Just traded in my 2002 avalanche for a 2005 G35 Coupe (lease).

They said they would pay me $16,000 for the truck and there is $12,500 owed to the financing company which means I'm owed $3500. When I went to pickup the G35 the amount due at signing was $1800, so that left $1700 equity they owed me. They wrote me a "we owe" slip stating "Trade difference $1,700". They said the check will be cut to me after they recieve the title. Is this normal practice for a dealership? Most people I talked to said this is normal but I wanted to make sure.

 

It's normal, paperwork has to get through their business office, the financing has to be finalized and the loan has to be funded before they will cut you a check. Usually takes a couple of days.

 

Normal, but good thing you were right side up on the payments.

 

Thanks alot. I was nervous because I always think im getting screwed. Especially when a dealer says, "we'd never screw u" I know they are lying

 

I've never had problems with a We Owe slip. However, I've read that if its not signed by a manager, they can try to back out. Gotta be a pretty shady place for them to try that tho.. I'm sure its fine.

 

Save it for your first few lease payments - :-) Then you'll be ahead!