I surrendered one of my two cars financed with USAA. (I'm not yet discharged, I surrendered it voluntarily.)
The other car, I plan on keeping.
In order to reaffirm, I would like to request a loan modification. This vehicle was refinanced with USAA. I did not realize at the time that the amount of the loan that USAA gave me was substantially MORE than what the car could sell for today. Therefore, I would like to request a reduction in principal. In addition, the current interest rate is very high at 12%. I would like to request an interest rate decrease to 6%.
Car info:
2006 Scion xA, 85,000 miles
NADA Clean Retail - $8975.00
KBB Private Party "good" condition - $6600
Edmunds TMV (True Market Value). This is an estimate of what a car like this is selling for in the Oklahoma City area - $7398.00
Average of the three: $7657.00 (rounded to the nearest dollar). I would like to request that the principal be reduced to this amount, in addition to changing the interest rate BACK to 6% fixed, for the life of the loan. The amount owed on the loan is $10,300 or so. First of all, is this a reasonable request on my part? Second, how do I go about requesting this sort of modification? Does it have to go through my attorney? I'm ready and willing to surrender the car if they won't work with me. Any advice is appreciated.
The other car, I plan on keeping.
In order to reaffirm, I would like to request a loan modification. This vehicle was refinanced with USAA. I did not realize at the time that the amount of the loan that USAA gave me was substantially MORE than what the car could sell for today. Therefore, I would like to request a reduction in principal. In addition, the current interest rate is very high at 12%. I would like to request an interest rate decrease to 6%.
Car info:
2006 Scion xA, 85,000 miles
NADA Clean Retail - $8975.00
KBB Private Party "good" condition - $6600
Edmunds TMV (True Market Value). This is an estimate of what a car like this is selling for in the Oklahoma City area - $7398.00
Average of the three: $7657.00 (rounded to the nearest dollar). I would like to request that the principal be reduced to this amount, in addition to changing the interest rate BACK to 6% fixed, for the life of the loan. The amount owed on the loan is $10,300 or so. First of all, is this a reasonable request on my part? Second, how do I go about requesting this sort of modification? Does it have to go through my attorney? I'm ready and willing to surrender the car if they won't work with me. Any advice is appreciated.
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