Early Payoff of Auto Loan --Help!

[BruinTheNursePractitioner]

Happy Saturday.

So, my Honda loan is 11.5K with a 13% interest rate.  It's a 60mo term, and I currently have 48 payments left.  I just balance transferred over to Slate, which is giving me the 15 months zero interst.  I am saving 4.1K in interest charges.  My question: how will it look that I "paid" off my auto loan in one year?  The account will obviously close...will this affect my credit scores?  

Thanks!

Derek

[pizzadude]

So you balance transferred 11.5K to your card ?    It's great to be able to pay the loan with 0%!

Don't worry about the impact of the closed auto loan ~ it will remain on your reports as a positive account for ~10yrs from the date closed, and there should be negligible impact on your FICO score.

Just make sure that you pay the balance from your Chase card such that you don't incur any retroactive interest ~ check the fine print on the BT.

[BruinTheNursePractitioner]

Pizzadude (LOL to your name!),

Yes, I BT'd 11.5K with NO fee.  Well, kinda.  Since Chase won't accept BT from auto loans, I had to direct deposit BT from my BofA AmEx 11.5K to my checking (which cost $199--one time), then BT'd that card to Slate.  So overall, I'm only paid 1.3K on my car in interest.  

YAY!

Derek

[pizzadude]

Ok gotcha ~ just be sure that you've looked at all of the details of the BT, don't want any suprises.   And congrats again on saving the interest!