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Buying someone car loan and bank payoff letter

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Regular Contributor

Buying someone car loan and bank payoff letter

Hi guy's

So Im buying someone else car loan, the person is paying $369/m for a Nissan Versa 2014 and owes about 2 years from a total of 6 years, the payoff letter from the bank will be for the amount of payments owed or for the remaining balance (principal)??

 

Extra Info

Miles: 23,983

Original Bank: FirstBank PR (72 months loan)

Refinance: Penfed at 3.99% APR (36 months)

The person does not know the interest rate on is loan, I estimate is around 7-9%

 

If you need more info please ask Smiley Happy

UPDATE!!!

APR: 8.45%

Loan: $20,800 



Starting Score:EX: 713 EQ: 698
1 REPLY 1
Super Contributor

Re: Buying someone car loan and bank payoff letter

The payoff will be the prinicipal left, plus an additional week or two of interest to account for the payment getting there and clearing.








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