Has Anyone Refinanced a Car?

Discussion in 'Credit Talk' started by roni, Apr 27, 2001.

  1. roni

    roni Well-Known Member

    I want to know when my payment is due. Ok, I refinanced my car loan with Householdauto finance. (bye finance co. yeah).

    The refinance was with Valley National Bank in NJ by way of State Farms Refinance program.

    My payment is usually due on the first of the month. I didnt get a statement from HAFC b/c of the refinance I suppose. But I havnt heard from Valley National Bank since they sent household a check.

    I have 2 questions. Do I get to miss a payment this way. That would be nice.

    Also, does the refinance show as a paid in full autoloan on the report? In other words, will it look like I bought 2 cars and paid one early.

  2. AnnMarie

    AnnMarie Well-Known Member

    We did....but the refinance was thru the same company--and it was long before we ever checked out our credit reports. However, there is no evidence now that there were two loans for the same vehicle and even now that one loan is still reporting positive.

    We got to miss a payment when we refinanced--I don't know about back east but everytime we've bought a vehicle-new or used--we have always gotten the first 45 days payment free. If it's like that back there, check your close date on the refinance and add 45 days to it.
  3. Reshod

    Reshod Well-Known Member


    When i refinanced my car, through different banks such as you have done. It does look like you have paid off one car and purchased another. This is a very good way to add additional trade lines to your credit report.

    As Ann stated, there will be a gap between payments, however, some banks fail to give out the new payment information.

    So i would call and find out.

  4. roni

    roni Well-Known Member

    Thanks Ann Marie and Reshod!

    Boy! That was exactly what I wanted to hear. Equifax's power score listed too many finance company accounts as lowering my score. I sure am glad to close HAFC.


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