you guys have ALL missed the key. he can negotiate the paydown.

request a payoff letter from WF and stop ****ing around.

the number will likely be less than the pay balance.

SHEESH guys don't get it twisted.

 

You can negotiate a payoff less than the loan? How does this work?

 

phonecall. often lender accepts less than actual bal of payoff...

 

Y'all are making this a lot more complicated than it really is.

When you sell your car, the proceeds from the sale first go to the lender to pay off the loan, then the lien/title is released, and the balance of the proceeds go to the seller. Its done thousands of times every day. Probably more than half of all used cars sold/traded in have an outstanding loan balance that must be settled in the transaction.

But obviously, the sales price must at least be equal to the loan balance, othewise the seller has to come up with the difference.

bill

 

Bill, of course - but there are ways around giving the lender back the full balance of payments. This is about educating ourselves not just getting it done.

 

Since when?I do this for a living ...the ONLY TIME...the lender will accept less is if the loan has gone deliquent,arrears etc..LOL..you can't just call the lender say...Hi...my balance is $2700.00 but I want to negotiate with you guys..whats the least you will take?...

These transactions happen every second...most cars have liens..unless you are a baller..hahahah...but its simple..make a bill of sale,take the buyer with you to your bank...they will tell you what needs to be done.

 

Im with Manny on this one. Only if you're currently not paying now and there is a possibility/threat of bankruptcy or total loan default will they negotiate a lower balance. I'm not saying it's impossible, but it is definately improbable.

 

1) The payoff is always less than the sum of the balance of payments. That's because the sum of payments includes unearned interest. If you pay the loan off early, you save interest. No negotiation required.

2) If the lender actually agrees to accept less than the payoff, that's called a short sale. But on your credit report, its called a default. Not something you want.

bill

 

Unless the buyer is paying cash,his lender will handle all of the paperwork, and the buyer's lender will just cut a check for the net amount to the seller.

Again, its a common procedure done every day. No hassle involved.

bill

 

frankly i've negotiated the payoff of multiple notes - on cars, homes, and credit lines.

so i must be a baller. who knewz?

 

No if you read my post...I said a baller is someone who pays cash for his or her car...me and you are not ballers..get me in touch with your lenders...so i can have a piece of the cake as well

 

no problemo. there are tactics worth discussing at some point.

i got a $1200 discount via suntrust (my lender) by calling about once a month
towards the last 20 or so payments of my 5 year paydown.

this can create aged credit issues as was disclosed in my payoff letter.

no bs.