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Posted in Auto Loans
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V6879

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Trading in a car (with balance) for a new one
I just traded in my car (which I still had a balance on) for a new car. The dealership I traded it to is obviously in charge of paying it off now. When will the balance owed from that previous car be removed from my account?

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In about a month, it should show on your credit report with that "loan" that it was paid off.  I just traded a car in myself and they had to pay off the balance.  After a month, if finally showed it being paid off on my credit report. Down side, my credit score dropped 30ish points and nothing else has changed with me credit wise, no added debt, no late payments etc.. so...

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