Hello All, I'm about to come into some money and I want to make it stretch as far as possible in paying off my loans. I have two car loans, one with Triad Financial that I have had for 2 years at a 15.5% interest rate and one with SST (formerly UAC) that I have had for 4 years which is at 12.3% I know it's possible to sometimes negotiate down the payoff of a loan but, I'm have no idea how. Who do I talk to first? Do I send it in writting or call? I would also like to negotiate that my Trad Line be deleted at the same time. Anybody have any suggestions? Thanks.
are the loans in default or do you just want to pay them off early and get a discount. if they are current and you just want to pay off early you will be stuck with the full balance minus the unearned interest. if you are in deafualt then you may be able to work something out, but i am not 100% sure how these two banks operate.
True. Pay off is simply the principal, so I can't see any negotiation there. However, the point about default is a good one - that would give you wiggle room.
Bummer about not being able to negotiate especially since I've already paid twice what this car is worth. Question though... What would happen if I gave the car back? I know they would report negatively on my CR but what If I've already succesfully gotten that trad line deleted? Would it show back up?
I would imagine that even if you gave the car back, they would sell the contract to a collecton agency, who sells it to another collection agency, etc...and you may have this tradeline reported multiple times. If you ever want another auto loan, at a decent rate, try to keep making payments on this one.
Where is your credit now? Could you possibly refinance at a lower interest rate? If you have been paying one for four years, isn't it about paid?
