https://ficoforums.myfico.com/t5/Auto-Loans/Is-refinancing-my-auto-loan-the-same-as-paying-auto-loan-1-off/m-p/296283#M2068 <DIV>I was told by my new lender that the old auto loan will show as satisfied in full and paid as agreed, and the new account with them will show as a new auto loan with my new terms.</DIV><DIV>&nbsp;</DIV><DIV>Is it true to say that this LOOKS like I paid off a car then bought another one?</DIV><DIV>&nbsp;</DIV><DIV>Does this show commitment and payment ability? Or irresponsibility because I added another big account? Why would it&nbsp;hurt my score to pay something that big in full?! I see some people talking about point drops and making sacrifices! Paying your car off is GOOD isn't it???</DIV> Mon, 21 Jul 2008 20:03:29 GMT Anonymous 2008-07-21T20:03:29Z https://ficoforums.myfico.com/t5/Auto-Loans/Is-refinancing-my-auto-loan-the-same-as-paying-auto-loan-1-off/m-p/296283#M2068 <DIV>I was told by my new lender that the old auto loan will show as satisfied in full and paid as agreed, and the new account with them will show as a new auto loan with my new terms.</DIV><DIV>&nbsp;</DIV><DIV>Is it true to say that this LOOKS like I paid off a car then bought another one?</DIV><DIV>&nbsp;</DIV><DIV>Does this show commitment and payment ability? Or irresponsibility because I added another big account? Why would it&nbsp;hurt my score to pay something that big in full?! I see some people talking about point drops and making sacrifices! Paying your car off is GOOD isn't it???</DIV> Mon, 21 Jul 2008 20:03:29 GMT https://ficoforums.myfico.com/t5/Auto-Loans/Is-refinancing-my-auto-loan-the-same-as-paying-auto-loan-1-off/m-p/296283#M2068 Anonymous 2008-07-21T20:03:29Z https://ficoforums.myfico.com/t5/Auto-Loans/Is-refinancing-my-auto-loan-the-same-as-paying-auto-loan-1-off/m-p/296317#M2069 <DIV>Welcome to the forum.</DIV><DIV>&nbsp;</DIV><DIV>It shows up as a new account with new terms.&nbsp; I just traded my car in and they paid off the old account and I opened a new account.</DIV><DIV>&nbsp;</DIV><DIV>No score hit on TU and EQ.&nbsp; 17 point score drop on EX for the new account.</DIV><DIV>&nbsp;</DIV><DIV><DIV>Please keep in mind that this is for my credit profile so you may get a different result.</DIV></DIV><DIV>&nbsp;</DIV><DIV>I have never seen anyone here do a refi to improve their score and IMHO it wont.&nbsp; They only reason to refi is to lower the interest rates and or the payments.</DIV> Mon, 21 Jul 2008 20:29:10 GMT https://ficoforums.myfico.com/t5/Auto-Loans/Is-refinancing-my-auto-loan-the-same-as-paying-auto-loan-1-off/m-p/296317#M2069 marty56 2008-07-21T20:29:10Z