Settling car loan for less

[drowningNdebt]

Just curious if i would be able to negotiate with my lender on my car loan with them. say i owe $15,000, car is 11 years old, has some issues and I didn't reaffirm the loan. Do you think they would take $5,000 to just get it off their books? That would be 33%.

[jtcohenour]

I was able to negotiate w/ my credit union. They hacked a few thousand off the balance and lowered the interest rate to "persuade" me to reaffirm.

[drowningNdebt]

im discharged and never reaffirmed. it might be a little late

[BobMango]

im discharged and never reaffirmed. it might be a little late

Possibly, my credit union was willing to work with me before discharge but said it I didn't reaffirm they would not renegotiate. That could have been a strong arm tactic, but they did right by me in the reaffirmation so I don't have any heartburn.

I have heard of modifications after discharge, so it's not like you shouldn't try.

[DebtEnder]

I had a car with Carmax that I owed $2700+ still on. After the discharge I got them to take $1100 lump sum to give me the title.