Surrender vehicle or try to rework loan?

[ansky0007]

I am going to surrender a vehicle that I owe $18k on but its only worth around 11k.. Has anyone had any luck trying to work out a new deal with the bank instead of just surrendering it? I would continue the loan if they re-worked it at the current value but it would be stupid to reaffirm it upside down with negative 7k in equity?

[TEW]

I have read some posts where people have worked things up with the bank to lower the interest rate but I think it would be a stretch to have them write the loan down for 7K.
BK is a perfect time to unload that upside down car. a used car maybe a better deal.

[ansky0007]

Whats funny is that they will just take the car and sell it back through dealer auction. They will remove the amount they sell it for on my loan and we will go BK on the balance so they loose out both ways.

My brother is a car dealer and said if I wanted he would buy the car back for me and said it would go for less than $10k at auction.

Dont think I would even do this since there are much better values with vehicles that are still under warranty but it would be more convienient if they tried to work with us to keep it at its real value that would save them money anyway.

[StartingOver08]

So why don't you negotiate with the lender? Make your proposal, verbally to the BK dept, if they do accept it have them provide a written reaff that mirrors the proposal. If it does not accept, then give the car back. This is exactly what I am doing. I was able to reduce on one of the loans (2 cars, 2 different lenders), the interest rate (5%), the balance, the monthly payment, the term of payments etc. I am working on the other but if I don't get exactly what I want in terms, I give the car back. Nothing lost

[AngelinaCatHub]

I have read some posts where people have worked things up with the bank to lower the interest rate but I think it would be a stretch to have them write the loan down for 7K.
BK is a perfect time to unload that upside down car. a used car maybe a better deal.