Ally payoff ?

[Anonymous]

So i was in a serious accident  the day before Thanksgiving, my vehicle was totalled  ( good thing for me, the vehicle is worth more then what was owed on it ) ( I didn't have gap, but now I will make sure I have gap on every vehicle  ) I got  $38K from insurance and only owed $26.5...  so used remaining of that ans put a nice down payment on my new vehicle 

Drunk driver ran a red light and t-boned me doing about 60

I got the 10 day  payoff and per diam

Sent to my insurance and they issued the check to ally, I logged into the app today 1/16/21 it shows $0 & loan complete 

But when I look on my credit report still shows last owed amount $26,500

And now this & my new auto loan it's showing  my total debt really high. I am assuming once ally fineally reports actually might get a little score bump ? 

[Cowboys4Life]

I kind of have the reverse problem with Ally though it isn't a problem.  I bougth a car Nov 12th and there was an issue with the payoff.  The envelope was returned to the dealership minus the check so they had to stop payment and re-issue. This was done and the new check Fed-Exed to the lender.  My old lender always reported on the 7th of the following month.  They did report on December 3rd that the loan was paid off.  EX updated first, TU followed and EQ was dead last and took their time.  I suspect this isn't anything more than they probably won't update until their typical date or close to it.  How quickly the bureas update is another factor.

My reverese issue is I have made the first payment to ALLY on the new car and the next one is already due and they still are not reporting to any bureau!  Many would be upset by this but having my old loan report paid before this new one ever reports has helped me avoid your situation of the artficial appearance of huge debt obligations.  I think your score will rebound it will just take a bit of time to balance out.

[dunn2500]

there is typically an overlap.......similar to refinancing a car or selling one paying it off and then buying another shortly after

i had both of these scenarios and both loans appeared on my report for lil while until bank reports first one paid off.....

on my refinance i got docked pts for gaining more (perceived) debt and docked again when it showed paid off ( crazy i know)

in first scenario i gained pts when i aquired extra debt and docked when it showed paid off....

i didnt really gain or lose debt,  i just switched loans 

i think typically when a loan shows paid off you lose pts......how much depends on person and profie......my file was thin and new so maybe hit me harder than others