LOUISVILLE, Ky. (WDRB) -- When you trade in your car for a new one, the last thing you think about is what happens to your old one.

But if you still owe money on it, you should!

One man was the happy owner of a brand new truck, until he learned his old SUV had not been paid off.

He said the whole transaction worked perfectly, he got his registration and license plates with no issues. Until a month later, when he got an unexpected phone call.

"I received a letter in the mail and a phone call from GE Credit Union saying it had not been paid."

The credit union told him he still owed $15,000. 

After getting the runaround from the credit union, the dealership owner apologized and blamed a paperwork mix-up.

The Consumer Law Group says:

  • Never trade in a car a week before the monthly payment is due, wait until after
  • Check 10 days later to make sure it was paid off
  • Ideally, pay off your old vehicle first if possible

It's a good idea to call your lender and make sure it's fully paid off, so you don't waste your money.

To read more Don't Waste Your Money stories, click here. 

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