cancel
Showing results for 
Search instead for 
Did you mean: 

Payoff letters and Loans? Any advice?

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

Payoff letters and Loans? Any advice?

I sold my car yesterday and the buyer took a loan from their bank and their bank sent the lein holder a check in the mail. Everything was discussed and finalized over the phone in a conference call.

 

With this said, the check wont make it to the lein holder for 3-4 days and then probably a few days to process it and show the lein/car paid off. On top of that, my credit probably wont update to show all of this for over a month.

 

If trying to buy a different vehicle and the car company pulls my credit and it still shows the car and loan, would a Payoff letter from the original company help any?

Message 1 of 3
2 REPLIES 2
Community Leader
Valued Contributor

Re: Payoff letters and Loans? Any advice?

I actually did this exact thing not long ago. My current car loan was still showing as open, but I was buying a new car. All I had to do was give the new financial company a letter proving payoff of the old car. It was no problem at all. Hopefully that will be your experience. 

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 2 of 3
Moderator

Re: Payoff letters and Loans? Any advice?


@pinkandgrey wrote:

I actually did this exact thing not long ago. My current car loan was still showing as open, but I was buying a new car. All I had to do was give the new financial company a letter proving payoff of the old car. It was no problem at all. Hopefully that will be your experience. 


Exactly.  I spent 17 years in auto sales management and buying a new vehicle after trading one In elsewhere is never an issue 99% of the time

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.