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Can you negotiate for a lower payoff on a repossession?

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Wiki User
2015-07-15 21:23:52
2015-07-15 21:23:52

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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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.

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

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Everything is negotiable; especially in today economy.

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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.

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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.


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