Auto Negotiations from Finance Co

[Surrender]

I thought this might be of interest to some...

I contacted my finance company to talk about redemption. They informed me that they don't finance a redemption, but would be very happy to lower my interest rate from 10.5 to 6 in order to get me to reaffirm the loan.

This saves me $150 a month in car payments.

Imagine that...

[originalhealer]

This is awesome, I wish I had the forethought to ask my finance company about this.

[LostinMi]

Who was your auto financed through? Anyone know if GMAC would do something like that?

[StaciMM]

How did they arrive at the $150/mo difference? Unless they lowered the amount owed, or extended the # of months a decent amount, cutting the interest rate would not make a significant difference in your monthly payment. Even if you owed $30,000 and had 5 years still to pay, lowering the APR from 10.5% to 6% would only reduce by about $65/mo.