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Old car totaled with unpaid loan, new car financing/leasing question.
Hi all,
I am currently in a strange situation. Basically I got into an accident, and my old car was totaled. Of course it was the other party's fault, so I got a settlement check. Although the check is more than sufficient for me to pay off my current loan. My concern is, even if I pay off the loan immediately, it might not show up on my credit report in a few weeks. The debt shown on my credit report might have an impact on my new car loan. Have anyone been through this kind of situation before? If I show the new lender my confirmation of the previous payoff loan, will they believe me?
Thanks
I am currently in a strange situation. Basically I got into an accident, and my old car was totaled. Of course it was the other party's fault, so I got a settlement check. Although the check is more than sufficient for me to pay off my current loan. My concern is, even if I pay off the loan immediately, it might not show up on my credit report in a few weeks. The debt shown on my credit report might have an impact on my new car loan. Have anyone been through this kind of situation before? If I show the new lender my confirmation of the previous payoff loan, will they believe me?
Thanks
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Best Answer
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kyfdx
Moderator Posts: 260,649
Most people that go to buy a new car still owe money on the old one. Your case doesn't seem any different, from that aspect. If you have good credit, it shouldn't make any difference.
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