Americredit or Ford Credit Reaffirmations

[Broke in TX]

Has anyone had any success in negotiating down their loan balance with either Ford Credit or Americredit.

I have loans with both of these companies and I'm upside down on both vehicles. I'd like to reaffirm only if one or both will lower my balance and/or payments.

[davids]

upside down.

Has anyone had any success in negotiating down their loan balance with either Ford Credit or Americredit.

I have loans with both of these companies and I'm upside down on both vehicles. I'd like to reaffirm only if one or both will lower my balance and/or payments.

if you signed a contract to pay with them, then they will not let you out.
although, if you went to some credit agencty, and if they called them, maybe and only then would they help, or if you filed a BK 13 to repay your debt they might work with you then, but not 100% sure, but straight out with nothing done, they will not re-do your contract....

[newstart]

Has anyone had any success in negotiating down their loan balance with either Ford Credit or Americredit.

I have loans with both of these companies and I'm upside down on both vehicles. I'd like to reaffirm only if one or both will lower my balance and/or payments.

I signed a reaffirmation for americredit but I am know working on a redemption with them and I hope it will be successful but I don't think they want to lower my payment. They are basically saying that the is worth 14K and there is 14,665 owed on the vehicle. I will keep you posted on what happens with my situation. Hope this helped a little.

A reaffirmation is to keep the vehicle with payments as is.
A redemption is to try and negotiate a lower payment.

[StaciMM]

Redemption is for when you're significantly upside down. You 'redeem' the vehicle by paying the lender what its worth. There are a couple of companies who make redemption loans, but the APR's are high so if you're only a little upside down, there is no benefit in the end.

I dealt w/ Mitsubishi & Chrysler. My experience was that the big companies aren't willing to negotiate. They can afford to lose on the deal.