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Valued Member
Posts: 51
Registered: ‎01-20-2012
0

Car payoff

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.

Valued Contributor
Posts: 2,669
Registered: ‎06-05-2008
0

Re: Car payoff


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.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Car payoff


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. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
Posts: 635
Registered: ‎07-29-2010
0

Re: Car payoff

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

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Valued Member
Posts: 51
Registered: ‎01-20-2012
0

Re: Car payoff

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!

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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Car payoff

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.... Smiley Sad
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Community Leader
Established Contributor
Posts: 909
Registered: ‎08-30-2007
0

Re: Car payoff


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.


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