finance company wants me to pay $7500 for deficency balance!!! Of course, they want all the money now.And they can legally demand it. Can I negotiate for a lower payoff? Certainly you can and should. If so, please give me stratagies or good advice....
Best way to do that is to negotiate the removal as part of the payoff with the lender. Otherwise, not likely because it is part of your credit history.
Everything is negotiable; especially in today economy.
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
"How Can I Negotiate With My Second Mortgage Lender to Take a Small Lump Sum Payoff" is an article available on the SFGate Home Guides section which explains in detail how to do just that.
The company/bank may be willing to negotiate a settlement to avoid the consumer filing bankruptcy. Or perhaps to avoid pursuing legal remedies to collect the debt. They will not consider a settlement if the consumer is simply asking to pay less than the full amount. For obvious reasons.
ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck
Sometimes one can negotiate with the company holding title to the automobile and work out a payment schedule to pay back the amount in arrears, but some companies will not negotiate at all. The easiest way to prevent a vehicle repossession is to ensure that all payments are made according to the payment terms.
I'm not sure what you are asking. If you want to know what to do about a repossession that took place in Indiana then your best option is to negotiate a settlement. Or, if you have had a repossession on your credit report and are not sure if it is older then the statue of limitation then your best bet is check the Date of Last Activity on your most recent credit report.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.