Tips on Buying Cars: trading in vehicle, chevy dealer, cash transaction

Question
I recently traded in my vehicle and purchased a new one. On the contract chevy dealer said they would give me $8318 for my trade in. But when said and done pay off was only $7950. Does chevy therefore owe me the difference from that since it was on the contract what they would give me for my trade in. Thank You!

Answer
Felipe,

Thanks for your question.  If you financed the vehicle, then they applied the excess amount to reduce your amount financed on on the vehicle.  If it was a cash transaction, then yes after any tax title and license fees, which would add up to more than that.  Since you stated that on the "contract", I am assuming that you financed the new vehicle.  If this is the case, then they applied the excess amount towards your amount financed lowering what you would have financed, so in essence they did give the overage to you, they just applied it to your loan for you.

Hope this helps.

Thanks - JB