Overhaulin'

Will trading in my car and not beign on the new loan benefit my credit at all?

last March I bought an 07 Ford Mustang, how ever an Aunt of mine co-signed on that loan, she was the "primary" person on the loan, she recently took over payments and ended up trading in the Mustang and getting a loan for her new car on her own. My question is if this benefits my credit at all, I mean when it was traded in I would think it would the first loan would be paid by the second one, benefiting my Credit ? Am I wrong?

Public Comments

1. You are wrong.
2. It will help you for three reasons ... first as a co-signer, your credit gets reported as well as your aunts. Second, this will give you an auto loan history which is key in getting a future car loan on your signature alone. And third, you now show a paid off auto loan in good standing on your credit history.