Final Payment Question

[centralncguy]

Apologies in advance if this has been discussed but my quick search didn't yield this exactly.

I financed the purchase of a used Model 3 through my credit union who then sent me the check in the mail for the original order amount (I was going to pay the extra fees in cash). Today I got an offer on my trade in which I decided to take, but I had a positive trade value of several grand. After it updated, my check from the credit union is about $5k more than the total cost.

Am I going to have to request an updated check from the credit union now?

 

[centralncguy]

Forgot to add...the financed amount was lowered in the app after I accepted the trade in offer.

 

[jjrandorin]

You should (request a new check for a lower loan amount). They are not in the habit of giving cash out for overpayment of financing, since that is also one of the old tricks of fraud.

 

[centralncguy]

Thanks for the advice. It was my fault from the beginning. I now have a pre-approved check to take with me.

 

[ewoodrick]

Yep, credit union would probably not be happy seeing a bill of sale too low.