Payoff Less than whats owed?

[etechjc]

I did a ride thru on my truck loan with my BR. I recently came into enough money to completely pay off the loan on the truck and am going to, which will mostly put me debt free if you don't include SL's, Which I don't.

I was wondering, Does anyone think Ill have luck calling my loan company up and offering a payoff for less than the total of what is owed? I owe $8,844, I was thinking of calling them up and asking them if they'd accept $7,500 to release the Lien.

[HHM]

On a vehicle loan, absolutely not.

[etechjc]

Well, I called them and explained the situation and they said no. I told them send a tow truck to come take the it, I'm just not willing to make payments any more. The truck isn't worth that much to me. I told them Give me a call ahead of time and Ill even give the tow truck driver the keys.

She tried to tell me that it will ruin my credit and they're going to sue me and get the money anyways. I told her she better double check there records, The loan was discharged and I don't owe a dime. She actually insisted they could still sue me for the decencies. From there I just said ok, whatever.

I am going to take my money and go outright buy a vehicle that I want, I am sure I can get a nice car for the same amount.

[etechjc]

Well, That was quick. Tow truck driver came this morning. I gave him the keys. Amusingly he turned out to be a lost friend of mine I had lost contact with after high school, He is coming back for diner tonight, So that was cool. Ill be a bit sad to see the truck go. However, I got approved for a C1 Blank check at 6.8%. So car shopping time as soon as the mail comes, whats a good vehicle these days? I like the looks of them new Mazda 6's, What ya think?

[spidge]

I'm confussed. You stated that you had a substantial amount of money yet your planning to get a loan for another car. You can get a fairly good car for $8K so why create a payment situation if you can pay cash and not worry about it.

[etechjc]

Way to burst my bubble. My plan is to use the money I have now to buy a car. But a guy can drool can't he? Actually planning on hitting up an auto auction here next week.

[Kev1235]

You did the right thing. As long as it was included in your BK filings. They can't sue you for anything or collect on what they'll lose. A bank will never settle on an auto loan. You can get a decent vehicle for 8k. But if you want to finance it is all up to you. You have to build your credit back up with something and it's your life. But buy smart, buy something that will hold most of it's value, don't overpay, and I wouldn't buy anything brand new just for what value you lose right when you drive it off the lot..

[Freddy03]

Well, That was quick. Tow truck driver came this morning. I gave him the keys. Amusingly he turned out to be a lost friend of mine I had lost contact with after high school, He is coming back for diner tonight, So that was cool. Ill be a bit sad to see the truck go. However, I got approved for a C1 Blank check at 6.8%. So car shopping time as soon as the mail comes, whats a good vehicle these days? I like the looks of them new Mazda 6's, What ya think?

Was this a credit union? Where you current on the payments? I thought you had to be in default before they can repo or did you mark surrender on your BK?

[etechjc]

Well I went to a dealer auction with a friend in Illinois last night, I saw Trucks very close to mine going for insanely small amounts of money. I couldn't believe how little they were going for.

Anyways I got a (new to me) car. Got a 2006 Dodge Charger SXT with 72000 miles for $6300. Unfortunately its only got the V6, But otherwise it is a Really nice car. Power seats, Aftermarket GPS head unit in it. Keyless entry (Seems like it might be aftermarket addon since it has a remote start), Heated power front seats, moonroof. So far the only thing that seems to be wrong with it is a small dent in the rear and a broken tail light. I had a mechanic give it a thorough once over and he said it is mechanically perfect shape. I am sure we will enjoy it.

I got a strange call from the bank this morning, The lady offered to accept less on the loan to let me buy the truck back but the told me I would have to pay the repo fees of $800+. I told them I had already purchased a new car and no longer had any desire to own the truck and seemed to send the lady into a rant about deadbeats not paying there bills and people sucking the life out of companies, At that point I cut her off with the click of the phone hanging up, lol.

Freddy, It is a bank. I was current on my payment, However, I did mark surrender on my bankruptcy form. They had no issues letting me do a voluntary repo despite the fact I was current on my payment. Getting rid of the truck was the best thing I have done in a while, just short of the bankruptcy. I am really liking going into November not having to pay on any debts at all and even couple bucks in a savings account, It is such a nice feeling.

Thank you folks, I really appreciate all the support everyone has given us in these forums.

[IamOld]

Nice going etec!!! Wow - maybe the person from the bank had a commission riding on this... :-)

[Kev1235]

Nice going etec!!! Wow - maybe the person from the bank had a commission riding on this... :-)

Most probably yes. I'm sure the lady who called him's job is directly affected if the bank makes/loses money.

Glad you hung up on her. Serves her right. They had a chance to take your offer the first time around. And while she gave you the speech about "deadbeats sucking the life out of companies.." I'm sure they make way enough off of other customers to cover their loss and stay in business.

I probably would've said "Kick rocks.." before I hung up.

[etechjc]

Wow, They have called 3 times so far. I sent a certified C&D letter so hopefully it will stop them. I am enjoying the new car, Although it seems like the mileage may not be as much better as I thought it would be, I think that may be partially my fault, This little six cylinder has a bit of pep behind it.

I will never by another car from a dealer again, Buying at dealer auction is awesome.

On a side note, I just found out my house sold for $52,000 at auction. YEAH! it is finally out of our name, Now let the new owner deal with the $1800 in back taxes, lol. Just in case you are wondering, I bought the house for $102,000 and Owed just at 100K when I gave it up.