I just traded in my car, and used the payoff amount used was higher than the real payoff. How long to refund?

Rob R is correct! Bandit is also correct.

It will take a few weeks for all the back and forth on the processing to be concluded.

You should call your current financier to discuss how they would like you to handle the next payment, as well to let them know about the payoff and ask for finer details about the refund. I know, it can be a pain to call most banks, but really is the safest way leaving no doubt or guesswork!

Probably a few days to a few weeks from the time of payoff.

If your payment is due tomorrow and the payment hasn't been made, you need to get on the phone to the dealer.

You might be responsible for any late fees & interest.

NEVER let a dealer do your thinking! NEVER!

Let me see if I understand your situation: for the argument's sake let's say your payoff is actually $100. The dealer calculated the payoff to be $300, correct so far? So you paid it.

Now, you find out the payoff was actually $100. When you asked the dealer, he told you the lein holder would refund the $200 difference, am I still in the game?

Not in this lifetime. That $200 is now part of your downpayment. You didn't lose it but it's gone. Your lein holder has absolutely no legal obligation except to receive the actual payoff; and believe me, the dealer didn't overpay the payoff. The delaer probably saw some difference in value and to make the sale go through, needed that $200; so they made up this line of BS.

It happens alot. Fortunately it was only about 200 as you stated. You still have your "new" car and you're a little wiser.

ALWAYS have as much info about your trade-in BEFORE you trade it!

As for your concern about your next payment on the trade-in. Call your finance company now. Don't wait until the payment date has passed. Take care of it now. All you have to do is ask if they've received a payoff for your vehicle from so and so. Good luck to you.

It usually takes at least a couple weeks for things to get sorted out. If you don't get the refund by the end of the month, call and ask what's going on.

Since no one here knows all the details, no one can answer this question.

Just call up your bank and ask them when the refund is coming and what to do about the payment due tomorrow.

in case you commerce in a vehicle you nonetheless owe money on, you will pay that money one way or yet another, it is going to be tacked onto the tip of the loan, or decrease commerce in fee, or larger cost on the vehicle you're procuring..... my wager is money-for-clunkers will artwork the comparable way, the cost of the vehicle will bypass as much as pay for it.... Your terrific wager, is to sell your vehicle, payoff the loan, and if a risk pay money on your new vehicle....