I have made 18 straight on-time payments since I got the loan. This month I can't. Do banks ever negotiate a lowered payment or let the payment be "skipped" and added on to the end?
2006-08-13 05:19:01 · 12 answers · asked by ebillar 1 in Cars & Transportation ➔ Other - Cars & Transportation
As a former repo man I can say with confidence that your best bet is to immediately communicate with the lender. No lender wants to take back security. They lose income, they never get back what the security is worth and are left to deal with an angry debtor who must in most cases tackle a deficiency balance. Unlike what Catherine W. suggests, if a lender feels that the security, ie; car, sticks, (furniture) etc. is in jeopardy of being lost, then the lender does in fact have the right to seize the property, regardless of account status.
2006-08-13 05:46:43 · answer #1 · answered by ? 5 · 1⤊ 0⤋
The key is to let them know of your dilemma. They will usually give you a break as long as not making the payment on time does not become a habit. Since you have made 18 monthly payments on time will most likely influence any deal they make with you. Be sure to call them asap.
Good luck!!
2006-08-13 05:38:24 · answer #2 · answered by No one 7 · 1⤊ 0⤋
you need to call the bank you got the loan through,,and see what there policy is on that,,i know it will go against your credit rating,,it will show up as a bad mark,,and later down the line you will wish you had made the payment on time,,but check with the bank they may not put it against you,,and i know they wont repo it till you get at least 3 payments behind on it,,good luck with it,,i hope this help,s some.
2006-08-13 05:25:45 · answer #3 · answered by dodge man 7 · 0⤊ 0⤋
Call and talk to the finance company. All are different. Some allow an interest only payment . Just call them. You have 30 days to make your payment before they can do anything.
2006-08-13 05:23:26 · answer #4 · answered by Catherine W 2 · 1⤊ 0⤋
properly That deals Alot with your Loaner(Lender), what share funds You omit and how long Your Account Is antisocial pass Hand In Hand. lots of the time After 2 Or 3 missed funds And No reaction From You As To Why Will advance crimson Flags. maximum Loaners(lenders) Are keen To artwork With You On issues like This some grant the choice to bypass A charge at no fee To You Or No outcomes Ask approximately It. It Dependes On what share funds The Loaner(Lender) Will show you how to omit till now They Hand Your document Over To a series organization. unquestionably everyone Falls On not hardship-free instances So in simple terms seek advice from Them and notice What they are announcing. If not cover Your vehicle And in simple terms Make The funds once you may. tried And actual.
2016-10-02 00:46:51 · answer #5 · answered by ? 4 · 0⤊ 0⤋
if the loan is with the bank id beg borrow or steal some money to make a portion of your payment you dont want it to come back at you in the future but if it is with a credit company such as ford credit they ussually just send you an invioce to pay later.
2006-08-13 05:23:32 · answer #6 · answered by Mikey bee 2 · 0⤊ 0⤋
Negotiate too refinance the loan. Just call and set up an appointment.
2006-08-13 05:26:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Call the bank and explain the situation. Banks really don't want a car and they will work something out.
2006-08-13 05:26:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Try talking to the bank,but just don't let it go ,the repo man will come out for the car, if you don't communicate with the banker.
2006-08-13 05:27:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Some finance companies will negotiate with you. Call them to find out.
2006-08-13 05:23:05 · answer #10 · answered by tina m 6 · 1⤊ 0⤋