Auto loan payoff - reducing principal?
I am upside down on a car loan (owe $16k, the car is worth around $11k), will the bank holding the car loan negotiate with me the principal owed (reduce it) if i sell the car and wanna
pay them off even if i have
to take money out of my pocket to make up the difference.
Answer
The answer is going to depend on which bank holds your lein, and how long you have
had the loan. bloke
y banks will ad
the amount due if you have
done business with them for some time, but you would have had to been paying on the loan for one year or more.
the only thing you can do to actually get the answer is to first ask for the buy out price of your loan, and then pose your query to the bank. you may be able to negotiate a little or you may be pleasantly surprised. if you have
nothing to lose by trying, and agreat deal to gain, by all means try.
