• Auto Loans and Financing
  • Repossession
  • Used Car Buying
  • Loans

How can you re-negotiate a car loan for what it is worth rather than what you owe?

User Avatar

Wiki User

βˆ™ 2005-04-26 17:45:59

Best Answer

You can't. The lender wants what is owed on the car not what it is worth. This is being upside down on the loan.

2005-04-26 17:45:59
This answer is:
User Avatar

Your Answer


Related Questions

Why should you get a bank loan rather than a loan from a finance company?

You will have better advantages

Can you get a car loan for more than a car is worth?

probably not there's no real point anyways because then it wouldn't be called a car loan. It would just be a loan.

My son totaled his car the insurance we had on the car was state mimuim and did not cover the car what do we need to do?

I guess in this case you mean you owe more on it than the car was worth. This is unfortunately pretty common. Whatever money you received from your insurance company can be applied to the auto loan but you'll have to pay the balance. Maybe you can renegotiate the balance for a lower interest rate.

How can you refinance a home loan if you owe more than your property is worth?

More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan. You can consult a mortgage professional for further details on your options regarding the situation.

What has shylock decided about Antonio's debt to him?

He would rather have the opportunity to kill Antonio than interest on the loan.

How long do I have to pay back my military loan?

This depends on the term you chose when you got the loan. Military/VA loans just give you favorable consideration in the closing process rather than change the term of a loan.

What is form of savings and loan found new ways of financial assistance rather than closing?

serial association

What happens if you cant reach the student to repay your loan?

If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.

What is an outstanding student loan?

Rather than being outstanding for its features (ie interest rate, time to repay), an outstanding loan means that it is one that is yet to be repaid--it is money owed.

Will you pay more interest on an unsecured personal loan rather than a secured one?

An unsecured loan generally does charge a higher interest rate than a secured loan because there is no collateral being held and no lien placed against anything they would be able to take in payment.

What is the definition of debenture?

an unsecured loan certificate issued by a company, backed by general credit rather than by specified assets.

In North Carolina if you have cosigned for an auto loan and the loan is in default and the auto is damaged is the cosigner responsible for the damage?

No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.

How can you get help to pay your rent?

one way is to go to your bank, or a bank, and get a good loan. remember to chose a loan with a low interest rate. not recommended to get a loan if you only need a little money. you will overall loose more money than the loan is worth -GossipGirl17

Is co-signing on a lease the same as co-signing for a car loan?

It is essentially the same but of course with a lease, your responsible for an amount agreed to be paid rather than paying back a loan.

What is the difference in Conventional loan verses credit card loan?

The primary difference between a conventional loan and a credit card loan is that a conventional loan is given to you in one lump sum whereas a "credit card loan" or line of credit can be drawn down as needed rather than in one lump sum. You can find out more about business lines of credit by visiting

Can they sell your house if you owe more than its worth to pay a loan off?

If you're upside down, they will look to you for the difference after.

Disadvantages ot having university degree?

There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.

If you get in a crash and you have PLPD and the crash is not your fault does your car get paid off?

No, you will only be paid the value of the vehicle. If you are "upside-down" in the loan you will be out the difference between what the vehicle is worth and the loan payoff. If you owe LESS than the vehicle is worth, you will get a little in your pocket when the deal is done.

Is gamefly worth it?

This is a personal opinion. In my eyes, no it is not worth it. I would rather by the game used for cheap than pay to rent games. However, based on testimonies, GameFly is worth it.

Why is a bank loan a financial asset?

The only way that a bank loan can be an asset is if the loan is less than what the assett is worth. Otherwise I do not belive a bank loan can be an assett. Answer 1: A Bank loan is an asset for the bank because it is money that a customer will repay. Any instrument in which money will be received can be considered an asset. In case of a loan, it is an asset to the bank and a liability to the person who borrowed the money

How does a lender get a judgment against you for a loan when they repossess a car?

You owed more money than the car was worth and they wish to collect the balance.

IS 14.9 percent APR GOOD?

it's good for the lender.... It is outrageously high for a borrower. I would hold out or renegotiate for less than 9%

What if the home is worth more than the amount of the reverse mortgage loan when the homeowner passes or must move out?

You should check the loan documents. Generally, the owner or their heirs will receive any surplus from the proceeds.

What exactly is a big loan shark?

"A loan shark is a person who loans money with a high interest rate. Usually, the borrower is a person who cannot get a loan from a regular bank or other money-lending entity. A big loan shark could refer to the amount of money that the loan shark can offer, for example, one million dollars, rather than one thousand."

Can you hand a car back to the finance company when you have paid off less than half of the amount borrowed?

The loan company technically owns the car, so it doesn't really belong to you anyway. But keep in mind that your relationship with the finance company isn't really about the car, it's about the loan you took out with them. They want the loan repaid. What happens to the car is not their primary concern. Talk to your loan agent if you are having trouble paying your loan. They will usually be more than happy to try to work out a payment schedule that is easier for you -- they would rather get the money slower than not at all. If you don't want the car anymore and would rather have a different one, ask your loan agent about the laws in your area concerning selling a car that is still on payment.