Question
When my car is totaled and paid off with insurance will it show up on my credit report ?
My car has been totaled, and I only made two car payments (they were on time) and my insurance and gap insurance are going to pay off the the rest of it. So will it be shown as paid off on my report and help build my credit or their just going to leave a note or something..
3 weeks ago - 3 answers
Best Answer
Chosen by Asker
Auto finance is what I do for a living and your account should show as paid with a $0 balance, Since only 2 payments were made it will not help your credit at all, vehicle loans need at least 12-18 payments made as agreed to have any positive impact on your credit score. Good for you for buying gap insurance most people don't understand how important it is especially in the first 2-3 years of your loan.
Source(s)
Finance Manager for a car dealer for over 9-years.
by SPIFIMAN1
3 weeks ago
Asker's Rating: 
Other Answers
The paid-off loan will show if the lender reports to the credit bureau(s).
by jlf- 3 weeks ago
No it will show up on your driving record if you are at fault . The credit report don't care if you had a car accident as long as the payments are being met that all that matters
by His Majesty- 3 weeks ago