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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....

  1. 1 best stratagy...CASH
  2. 2 " " well prepared plan to pay off ASAP that you can and will do
  3. 3 IF you can come up with a large CASH settlement, include cleaning up your CR in the offer(remove repo, show loan as PAYOFF, ect)
  4. 4 Use good business sense, if you cant leave out the emotions, hire an attorney to deal for you. This is strictly a business transaction to the finance company.
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โˆ™ 2015-07-15 21:23:52
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Q: Can you negotiate for a lower payoff on a repossession?
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Related Questions

Is there a way to remove the negative information from your credit report if you have had volunteer repossession and paid off the remainder?

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.

Will a creditor accept a lower payoff amount?

A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.

Can you negotiate the payoff quote?

Everything is negotiable; especially in today economy.

Can auto repossession be negotiated?

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.

Do you have to payoff a car repossession?

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 you negotiate with your second mortgage lender to take a small lump sum payoff?

"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.

Can you negotiate a lower payoff on a credit card debt?

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.

When an auto has been repossessed and auctioned is the difference owed determined by the payoff amount including repo fees at the time of repossession?

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

How will one be able to stop the repossession of a vehicle?

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.

Indiana repossession law?

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.

How can a repossession with a zero balance affect a credit score and can it be removed?

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.

Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?


If cosigner pays off a defaulted loan is there a way to have a repossession removed from cosigners credit?

The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.

Why was the farmers' alliance formed in the 1870s?

to negotiate lower prices for supplies.

How do I negotiate for apartments for rent?

In order to negotiate a lower rent, you must contact the landlord or property management company. Be sure to have information available to support your negotiations.

How can you use negotiate in a sentence?

This means to talk with someone and come to some sort of agreement. Here are some sentences.The police will not negotiate with the terrorist.I like to try to negotiate before I start an argument.You should see if the salesman will negotiate for a lower price since that is slightly damaged.

Can you negotiate a lower price of your lease return other than the one that is in the contract?


Can I negotiate on the price quotes of local painters?

I am looking into the ratings of local painters. When I receive a price quote, are the prices typically firm or can I try to negotiate a lower price?

Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?

On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.

If somebody is willing to pay the whole due amount after repossession do they have to pay the interest they owe?

The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.

Does it help your credit if the lender agrees to accept a lesser amount than owed on a repossession balance?

It helps your pocket but NOT your CR. The repo is still there unless you negotiate with the lender to remove it also.

How can you avoid repossession of your vehicle if you are willing to pay in installments?

Definately try and negotiate a payment deal. Don't take no for an answer, ask for managers, supervisors whoever you need to to make it happen. Be as honest as you can.

Does a buyer need to know what your payoff is?

Need payoff for a loan

How can I negotiate for sale by owner houses?

The best way to negotiate down the price is to identify what needs to be fixed on the property and how much it will cost. This is a good way to have an owner lower the price of their home.

Does the 7 years on your credit report start from the date of repossession or when you finally finish paying the balance?

Did the lender get a JUDGEMENT? What state are you in? The 7 yr. part is a fed law that a JUDGEMENT must be removed from your CR 7 yrs. from the date of judgement. As part of (and BEFORE) the payoff, try to negotiate with the lender to remove the repo from your CR. Email me if you need more info. PS Congratulations on paying the car off. You are likely one in 100000 who do so. My compliments to you.