Payoff letters and Loans? Any advice?

[firemartinez1980]

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?

[pinkandgrey]

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. 

[Anonymous]

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@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. 

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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