Old car totaled with unpaid loan, new car financing/leasing question.

shinnsd

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

kyfdx

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.

shinnsd

Thanks kyfdx, that made me feel much better!