topic Re: Car payoff in Auto Loans

Car payoff

samy2576 — Thu, 16 Feb 2012 14:25:47 GMT

I had a car and a loan with Honda Finance. I traded in the car for something else and the dealership was sending a check to Honda for the payoff. My statement date was 2 days ago. Am I going to have to wait all the way til my next statement cycle for the payoff to show on my credit? The check should be arriving any day now.

Re: Car payoff

p- — Thu, 16 Feb 2012 15:01:42 GMT

samy2576 wrote:
I had a car and a loan with Honda Finance. I traded in the car for something else and the dealership was sending a check to Honda for the payoff. My statement date was 2 days ago. Am I going to have to wait all the way til my next statement cycle for the payoff to show on my credit? The check should be arriving any day now.

Call customer service.

Re: Car payoff

pizzadude — Fri, 17 Feb 2012 13:42:53 GMT

samy2576 wrote:
I had a car and a loan with Honda Finance. I traded in the car for something else and the dealership was sending a check to Honda for the payoff. My statement date was 2 days ago. Am I going to have to wait all the way til my next statement cycle for the payoff to show on my credit? The check should be arriving any day now.

Even with them paying off the loan, it likely won't be reported as paid off until the next statement cycle.

Re: Car payoff

andre181 — Fri, 17 Feb 2012 19:49:38 GMT

When I paid my Honda loan off, it took about 45 days for it to report paid and closed.

Re: Car payoff

samy2576 — Fri, 17 Feb 2012 19:55:08 GMT

I decided to call the number on their customer service page. I told them I was trying to buy a house and needed to show my new, lower, DTI ratio.

He said no problem, they would inform the cb's and hopefully they would respond and update within 48 hours. He also offered to send me an official payoff letter to show my lender and that it should be here in 3 days! Very helpful!

Re: Car payoff

pizzadude — Sat, 18 Feb 2012 07:55:57 GMT

Wow, that's great that they can do an out of cycle CRA update for you ! Some lenders don't know how to do this.... :(

Re: Car payoff

guydiver — Sat, 18 Feb 2012 14:14:31 GMT

samy2576 wrote:
I decided to call the number on their customer service page. I told them I was trying to buy a house and needed to show my new, lower, DTI ratio.
He said no problem, they would inform the cb's and hopefully they would respond and update within 48 hours. He also offered to send me an official payoff letter to show my lender and that it should be here in 3 days! Very helpful!

That's awesome. Great customer service for sure. Congrats and good luck.