Showing results for 
Search instead for 
Did you mean: 

Buying someone car loan and bank payoff letter

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
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


APR: 8.45%

Loan: $20,800 

Starting Score:EX: 713 EQ: 698
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.

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.