MY HUSBAND AND I ARE TRYING TO REPAIR OUR CREDIT. WE HAVE LETTERS OF CREDIT FROM AN AUTO DEALER WE HAVE BOUGHT CARS FROM. WE JUST DON'T KNOW WHAT TO DO WITH THEM. ANY INFO WOULD BE HELPFUL.
A Letter of Credit is issued by a financial institution which provides an irrevocable payment undertaking. This letter is issued to ensure that the payment will be made by the borrower.
However, is this letter affecting your credit repair in any way? Please provide more information so that the members and guests can help you in your problem.
I suppose that you have purchased/repaired vehicle at the auto dealer outlet and they owed you cash back and they have paid it in the form of letter of credit.Is that So?If I am correct then you can cash in those letter of credit with any local bank available nearer to you.But keep in mind that most of these LOC are account payee only and thus you need to have an bank account in order to cash in those LOC.
letters of credit
Hi JOESONLYWIFE,
Welcome to this community :)
A Letter of Credit is issued by a financial institution which provides an irrevocable payment undertaking. This letter is issued to ensure that the payment will be made by the borrower.
However, is this letter affecting your credit repair in any way? Please provide more information so that the members and guests can help you in your problem.
Thanks,
Aaron
Hi JOESONLYWIFE,
Welcome to creditmagic
I suppose that you have purchased/repaired vehicle at the auto dealer outlet and they owed you cash back and they have paid it in the form of letter of credit.Is that So?If I am correct then you can cash in those letter of credit with any local bank available nearer to you.But keep in mind that most of these LOC are account payee only and thus you need to have an bank account in order to cash in those LOC.
Feel free to ask any further query.
Ensure