If anybody has recently paid off a car loan, how long did it take them to update with the cra's. I bought a new car last month and my old car was traded in. The old loan was paid off by the dealer on June 25th. Today I see that the creditor for the old car upddated my report today and it shows as just a regular payment being made and still a balance owed. I'm wondering if I should dispute it as paid in full. I don't want to lose the acct, but I also don't want the new loan to show up with this still looking like I owe on it.
I refinanced both of my cars, Ford updated about 2 months later (June) and I just put in a dispute for the Honda one. I say look at the last time they updated, if it is every month or so, I'd wait. The last time my Honda had updated was 12/01, so I new I wasn't priority to them. FYI, I had all 4 loans reporting at once and it didn't hurt my scores at all, in fact it helped on EQU a few points.
I just paid off my loan with Americredit. I emailed a contact I had there and asked them to manually update the CRAs. They did it within a week. I also asked them to overnight my title as soon as the electronic funds transfer went through. It arrived the next day.
