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How can I eliminate an auto loan?
Posted by meridithgarza06
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CreditLearningCenter.com says:

Thank you for your inquiry.

Your question "How can I eliminate an auto loan?" needs to be more specific.

The way to "eliminate"a loan is to pay it off, then the loan will no longer exist.  If this is what you are asking, a loan consists of a principle amount (the actual loan amount) that has to be paid in accordance with the terms of the loan. Over time, your payments go towards paying off a portion of that principle loan amount, as well as the interest that is being charged to borrow the principle. 

If you have an auto loan that you are paying off, you can always call your lender (the financing company) and find out the exact amount of principle that still remains on the loan, and thus must be paid in order to pay off the loan principle entirely. Once this is paid off, your auto loan will be eliminated.

If your question is how you can remove an auto loan from your credit report, the answer is you can't if the information is accurate and you were the borrower or co-signer on the loan.  If you were a co-signer and want to be removed from the loan, you will have to get the person you co-signed with to:

1) Pay off the loan, thus eliminating it or;

2) Reapply for a new loan on their own.  With the proceeds from the new loan, the old loan will be eliminated, although it will still appear as part of your credit history.

Meridith, we hope this information has been helpful to you.

Thank you,

The CLC Help Center

Thu Dec 21, 2006 04:45:06 PM
 
 



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